Audit 303600

Title: Note 1 Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Elderly Housing, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the operations of Elderly Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Elderly Housing, Inc. De Minimis Rate Used: N Rate Explanation: The auditee did not choose to use the de minimis cost rate The accompanying schedule of expenditures of federal awards includes the federal grant activity of Elderly Housing, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the operations of Elderly Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Elderly Housing, Inc.