Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project has not made an election pursuant to Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate. Furthermore, the Project does not receive any federal indirect costs.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of American Foundation for Affordable Housing (Bowling Green), Inc. (the “Project”), and is presented on the accrual basis of accounting. 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 Project, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Project.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project has not made an election pursuant to Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate. Furthermore, the Project does not receive any federal indirect costs.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance.
Title: Federally Insured Mortgage
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project has not made an election pursuant to Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate. Furthermore, the Project does not receive any federal indirect costs.
The insured mortgage balance at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the outstanding federally insured mortgage at December 31, 2023 is $2,645,189.
Title: Indirect Costs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Project has not made an election pursuant to Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate. Furthermore, the Project does not receive any federal indirect costs.
The Project has not made an election pursuant to Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate. Furthermore, the Project does not receive any federal indirect costs.