Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Avalon Nonprofit Housing Corporation and Subsidiaries under programs of the federal government for the year ended December 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 Avalon Nonprofit Housing Corporation and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows, if applicable, of Avalon Nonprofit Housing Corporation and Subsidiaries. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Avalon Nonprofit Housing Corporation and Subsidiaries has elected not to use the 10% de minimis indirect cost rate.
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Avalon Nonprofit Housing Corporation and Subsidiaries under programs of the federal government for the year ended December 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 Avalon Nonprofit Housing Corporation and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows, if applicable, of Avalon Nonprofit Housing Corporation and Subsidiaries.
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Avalon Nonprofit Housing Corporation and Subsidiaries under programs of the federal government for the year ended December 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 Avalon Nonprofit Housing Corporation and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows, if applicable, of Avalon Nonprofit Housing Corporation and Subsidiaries. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Avalon Nonprofit Housing Corporation and Subsidiaries has elected not to use the 10% de minimis indirect cost rate.
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Avalon Nonprofit Housing Corporation and Subsidiaries has elected not to use the 10% de minimis indirect cost rate.
Title: LOANS OUTSTANDING
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Avalon Nonprofit Housing Corporation and Subsidiaries under programs of the federal government for the year ended December 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 Avalon Nonprofit Housing Corporation and Subsidiaries, it is not intended to and does not present the financial position, changes in net assets, or cash flows, if applicable, of Avalon Nonprofit Housing Corporation and Subsidiaries. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Avalon Nonprofit Housing Corporation and Subsidiaries has elected not to use the 10% de minimis indirect cost rate.
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Avalon Nonprofit Housing Corporation and Subsidiaries had the following loan balances outstanding at December 31, 2023: HOME Investment Partnership Program - 14.239 $15,878,948, Community Development Block Grant - 14,218 $2,870,166