Audit 306922

Accounting Policies: Note - Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Desert Willow Apartments. 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. Because the schedule presents only a selected portion of the operations of Example Entity, it is not intended to and does not present the financial position, changes in net assets or cash flows of Desert Willow Apartments. Note - Summary of Significant 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization has elected not to use the 10 percent de Minimis indirect cost rate allowed under the Uniform Guidance. Note - Federally Funded Grant: The grant balance at the beginning of the year is included in the federal expenditures presented in this schedule. The balance of the outstanding federally insured grant at March 31, 2023, is $1,848,500. De Minimis Rate Used: N Rate Explanation: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Organization has elected not to use the 10 percent de Minimis indirect cost rate allowed under the Uniform Guidance.