Audit 320397

Accounting Policies: NOTE A - BASIS OF PRESENTATION The schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Council House, Inc. and is presented on the accrual basis of accounting. 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. Because the Schedule presents only a selected portion of financial information of Council House, Inc. it is not intended to and does not present the financial position, changes in net assets or cash flows of Council House, Inc. NOTE B - SIGNIFICANT ACCOUNTING POLICIES Council House, Inc. has elected not to use the 10% de minimis indirect cost rate. NOTE C - LOAN PROGRAMS Council House included on the schedule of expenditures of federal awards the following loan: Supportive Housing for the Elderly $84,394. De Minimis Rate Used: N Rate Explanation: NOTE B - SIGNIFICANT ACCOUNTING POLICIES Council House, Inc. has elected not to use the 10% de minimis indirect cost rate.