Audit 27316

Title: BASIS OF PRESENTATION Accounting Policies: All Federal grant operations of Neighborhood Impact Investment Fund, Inc. (NIIF) are included in the scope of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the Office of Management and Budget (OMB) Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the major grant programs noted below. The programs on the schedule of expenditures of Federal awards represents all Federal award programs with fiscal year 2022, cash or non-cash expenditure activities and loans made with Federal awards. For single audit testing, we tested to ensure coverage of at least 40% of Federally granted funds. Actual coverage is 100%. The major programs tested are listed below. Expenditures reported on the schedule of expenditures of Federal awards (the Schedule) are reported in accordance with the cost principles contained in the Single Audit, wherein certain types of expenditures are not allowable or are limited as to reimbursement. NIIF has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying Schedule includes the Federal award activity of NIIF and is presented on the accrual basis of accounting.