Audit 30572

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of GrandStreet Settlement Senior HDFC and is presented on the accrual basis of accounting. The information inthis schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations ofGrand Street Settlement Senior HDFC, it is not intended to and does not present the financial position,changes in net assets, or cash flows of Grand Street Settlement Senior HDFC.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Grand Street Settlement Senior HDFChas elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. Department of Housing and Urban Development Loan ProgramGrand Street Settlement Senior HDFC has received a U.S. Department of Housing and Urban Developmentcapital advance under Section 202 of the National Housing Act. The capital advance balance outstandingat the beginning of the year is included in the federal expenditures presented in the Schedule. Grand StreetSettlement Senior HDFC received no additional capital advances during the year. The balance of the capitaladvance outstanding at June 30, 2022 consists of:Outstanding BalanceCFDA Number Program Name at June 30, 202214.157 Supportive Housing for the Elderly Capital Advance $ 11,140,600 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY - CAPITAL ADVANCE (14.157) - Balances outstanding at the end of the audit period were 11140600.