Audit 319873

Title: Note 4. – Subrecipients Accounting Policies: Note 1. – Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Martin Luther King Gardens Urban Renewal, Inc. HUD Project No. 031-061-NI 72 DuBois Court under programs of the federal government for the year ended December 31, 2023. The information on this Schedule is prepared 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 Martin Luther King Gardens Urban Renewal, Inc. HUD Project No. 031-061- NI72 DuBois Court, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Martin Luther King Gardens Urban Renewal, Inc. HUD Project No. 031-061-NI72 DuBois Court. Note 2. – Summary of Significant 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 Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Note 3. – Indirect Cost Rate The Entity has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Entity is reimbursed for programmatic and administrative costs in accordance with the rules set forth by the U.S. Department of Housing and Urban Development. There were no subrecipients present for the year ended December 31, 2023.