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.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Gilman Housing Trust, Inc. d/b/a RuralEdge and Subsidiaries (the Organization) under programs of the federal government for the year ended December 31, 2023. The information in the 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 portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: Loans Outstanding
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.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate.
The Rural Rental Housing Loans, and the HOME Investment Partnerships Program include outstanding loan balances of $452,451 and $2,019,953, respectively, as of December 31, 2023.
Title: Other Disclosure
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.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate.
The Organization’s consolidated financial statements include the operations of The Meadows, a housing project of the Organization; Passumpsic View, Inc.; Gilman Housing Corporation; Groton Village Housing, Inc.; Derby Line Gardens, a housing project of the Organization; Rainbow Apartments, a housing project of the Organization; and Memphremagog Senior Citizen Housing, Inc., which expended $1,027,321; $2,129,844; $135,863; $75,387; $79,731; $1,194,772; and $177,492, respectively, in federal awards which are not included in the Organization’s Schedule for the year ended December 31, 2023 because the applicability of Schedule reporting under the Uniform Guidance was determined in conjunction with the respective stand-alone audits of their financial statements.
Title: Prior Year Expenditures
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.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect cost rate.
The Organization has received funding under assistance listing 21.027; COVID-19 - Coronavirus State and Local Fiscal Recovery Funds. Expenditures in the amount of $9,030 were for costs incurred during the year ended December 31, 2021 which were not included in the Organization's Schedule for the year ended December 31, 2021. As a result, those expenditures have been included in the Schedule for the year ended December 31, 2023.