Audit 301470

Title: Note 3 – Loans Accounting Policies: Note 1 – Summary of Significant Accounting Policies The accompanying schedule of expenditures of federal awards includes the federal grant activities of Pinellas County Housing, Inc. (“Organization”). 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. 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: Note 2 – Indirect Costs The Organization has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance. The Organization has the following loan balances: Additional Loan Funding/ (Payments Balance at NumberDescription AmountJune 30, 2022Made)June 30, 202314.181Supportive Housing for Persons with DisabilitiesSection 202 Direct Loan2,042,200$ 1,663,256$ (46,072)$ 1,617,184

Title: Note 4 – Contingency Accounting Policies: Note 1 – Summary of Significant Accounting Policies The accompanying schedule of expenditures of federal awards includes the federal grant activities of Pinellas County Housing, Inc. (“Organization”). 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. 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: Note 2 – Indirect Costs The Organization has elected not to use the 10% de minimis cost rate allowed by the Uniform Guidance. Expenditures incurred by the Organization are subject to audit and possible disallowance by federal agencies. Management believes that, if audited, an adjustment for disallowed expenses would be immaterial.