Audit 27072

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A:GENERALThe accompanying schedules of expenditures of financial awards present the activity of all federal financial awards programs of Shamokin Housing Association (Association) under programs of the federal government for the year ended September 30, 2022. The information in this Schedule is presented in accordance with the requirements of OMB Circular A-133. Because the Schedule presents only a selected portion of the operations of the Initiative, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the AssociationNOTE B:SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in OMB Circular A-133, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursementNOTE C:RELATIONSHIP TO FEDERAL FINANCIAL REPORTSAmounts reported in the accompanying federal schedule agree with the amounts reported in the related federal financial reports submitted by the Association.NOTE D:LOAN GUARANTEESee Note C in the basic financial statements. The amount outstanding at September 30, 2022 was $522,014. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE_RENTAL HOUSING (14.134) - Balances outstanding at the end of the audit period were 560205.