Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards or OMB Circular A-122 – Cost Principles for Non-Profit Organizations, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ansonborough has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditure of federal awards (the Schedule) includes the federal award activity of Ansonborough Housing Corporation (Ansonborough) under programs of the federal government for the year ended December 31, 2023. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Ansonborough, it is not intended to and does not present the financial position, change in net assets, or cash flows of Ansonborough.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards or OMB Circular A-122 – Cost Principles for Non-Profit Organizations, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ansonborough has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards or OMB Circular A-122 – Cost Principles for Non-Profit Organizations, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
Title: NOTE 3 – SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards or OMB Circular A-122 – Cost Principles for Non-Profit Organizations, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ansonborough has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Ansonborough Housing Corporation did not provide federal awards to subrecipients.
Title: NOTE 4 – FEDERAL LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards or OMB Circular A-122 – Cost Principles for Non-Profit Organizations, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ansonborough has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
In January 2020, the Organization refinanced two prior Department of Housing and Urban
Development loans into a single loan approved by the Department of Housing and Urban Development to renovate apartments for low income households. The balance at December 31, 2023 was $8,007,050.
Title: NOTE 5 – INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards or OMB Circular A-122 – Cost Principles for Non-Profit Organizations, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Ansonborough has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Ansonborough has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.