Audit 308776

Title: Basis of Presentation 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Adams-Bodine Apartements, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Adams-Bodine Apartements, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Adams-Bodine Apartments, Inc. under programs of the federal government for the year ended March 31, 2023. 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 Adams-Bodine Apartments, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Adams-Bodine Apartments, Inc.

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 the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Adams-Bodine Apartements, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Adams-Bodine Apartements, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Adams-Bodine Apartements, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.

Title: Subrecipients 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Adams-Bodine Apartements, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Adams-Bodine Apartements, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance. Adams-Bodine Apartments, Inc. provided no federal funding to subrecipients for the year ended March 31, 2023.