Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: TWIN PINES HOUSING TRUST AND SUBSIDIARIES
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended September 30, 2023
NOTE 1 - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Twin Pines Housing Trust and Subsidiaries under programs of the federal government for the year September 30, 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 Twin Pines Housing Trust and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Twin Pines Housing Trust and Subsidiaries.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) Twin Pines Housing Trust and Subsidiaries has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
NOTE 3 – FEDERALLY FUNDED LOANS OUTSTANDING
The following federally funded loans were outstanding at September 30, 2023:
De Minimis Rate Used: N
Rate Explanation: Indirect costs were not used.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Twin Pines Housing Trust and Subsidiaries under programs of the federal government for the year September 30, 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 Twin Pines Housing Trust and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Twin Pines Housing Trust and Subsidiaries.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: TWIN PINES HOUSING TRUST AND SUBSIDIARIES
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended September 30, 2023
NOTE 1 - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Twin Pines Housing Trust and Subsidiaries under programs of the federal government for the year September 30, 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 Twin Pines Housing Trust and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Twin Pines Housing Trust and Subsidiaries.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) Twin Pines Housing Trust and Subsidiaries has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
NOTE 3 – FEDERALLY FUNDED LOANS OUTSTANDING
The following federally funded loans were outstanding at September 30, 2023:
De Minimis Rate Used: N
Rate Explanation: Indirect costs were not used.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available. (3) Twin Pines Housing Trust and Subsidiaries has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 3 – FEDERALLY FUNDED LOANS OUTSTANDING
Accounting Policies: TWIN PINES HOUSING TRUST AND SUBSIDIARIES
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Year Ended September 30, 2023
NOTE 1 - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Twin Pines Housing Trust and Subsidiaries under programs of the federal government for the year September 30, 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 Twin Pines Housing Trust and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Twin Pines Housing Trust and Subsidiaries.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) Twin Pines Housing Trust and Subsidiaries has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
NOTE 3 – FEDERALLY FUNDED LOANS OUTSTANDING
The following federally funded loans were outstanding at September 30, 2023:
De Minimis Rate Used: N
Rate Explanation: Indirect costs were not used.
The following federally funded loans were outstanding at September 30, 2023: See the Notes to the SEFA for the table