Title: Note 1 - Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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 client has elected to not use the de minimis cost rate per uniform guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
award activity of Greencastle of Sterling, Inc., HUD Project No. 071-EE127, 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 Greencastle of Sterling, Inc., it is not intended to and does not present the financial
position, changes in net assets, or cash flows of Greencastle of Sterling, Inc. For the year ended
December 31, 2023, no awards were passed through to subrecipients.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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 client has elected to not use the de minimis cost rate per uniform guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: Note 3 - Capital advance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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 client has elected to not use the de minimis cost rate per uniform guidance.
The total amount funded under capital advances from HUD is reflected at its actual balance as of
December 31, 2023 in the accompanying schedule of expenditures of federal awards.
Title: Note 4 - Other OMB Uniform Guidance Audit
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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 client has elected to not use the de minimis cost rate per uniform guidance.
Embrace has other affiliates that have expended more than $750,000 in federal awards, which have
separate OMB Uniform Guidance audits, which are not included in the accompanying schedule of
expenditures of federal awards.
Title: Note 5 - U.S. Department of Housing and Urban Development loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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 client has elected to not use the de minimis cost rate per uniform guidance.
Greencastle of Sterling, Inc., has received a U.S. Department of Housing and Urban Development
direct loan under Section 202 of the Housing Act 1959. The loan balance outstanding at the
beginning of the year is included in the federal expenditures presented in the Schedule.
Greencastle of Sterling, Inc. received no additional loans during the year. The balance of the loan
outstanding December 31, 2023 consists of:
CFDA Number Program Name
Outstanding
Balance at
December
31, 2023
14.157 Capital Advance $ 2 ,222,400
$ 2 ,222,400