Audit 298861

Title: BASIS OF PRESENTATION Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Steadfast Housing Development Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Steadfast Housing Development Corporation. This Schedule does not include the expenditures of federal awards for SHDC No. 1, Inc., SHDC No. 2, Inc., SHDC No. 3, Inc., SHDC No. 5, Inc., SHDC No. 6, Inc., SHDC No. 7, Inc., SHDC No. 8, Inc., SHDC No. 9, Inc., SHDC No. 10, Inc., and SHDC No. 12, Inc. This information is separately presented in each respective entity’s financial statements that expended $750,000 or more in federal awards for the fiscal year ended June 30, 2023. The information in this 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 Steadfast Housing Development Corporation, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of Steadfast Housing Development Corporation.