Audit 304966

Title: Note 1 Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal financial assistance programs of Fowler Christian Apartments, Inc. (the Organization). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Since the schedule presents only a select portion of the activities 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 De Minimis Rate Used: N Rate Explanation: N/A The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal financial assistance programs of Fowler Christian Apartments, Inc. (the Organization). The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Since the schedule presents only a select portion of the activities 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