Audit 316552

Accounting Policies: BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The schedule of expenditures of federal awards includes the federal grant activity of Smith Hall, Inc. - HUD Project No. 176-EE004 and is presented in accordance with the requirements of Title 2 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 financial information of Smith Hall, Inc. it is not intended to and does not present the financial position, changes in net assets or cash flows of Smith Hall, Inc. Smith Hall, Inc. has elected not to use the 10% de minimis indirect cost rate. Smith Hall, Inc. has a capital advance included on the schedule of expenditures of federal awards representing a loan balance at December 31, 2023 of $2,921,400. De Minimis Rate Used: N Rate Explanation: Smith Hall, Inc. has elected not to use the 10% de minimis indirect cost rate.