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: Kenwood Area Housing, Inc, has not elected to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
award activity of Kenwood Area Housing, Inc, HUD Project No. 071-EH573, 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 Kenwood Area Housing, Inc, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of Kenwood Area Housing, 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: Kenwood Area Housing, Inc, has not elected to use the 10-percent de minimis indirect cost rate
allowed under the 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 - Indirect cost rate
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: Kenwood Area Housing, Inc, has not elected to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Kenwood Area Housing, Inc, has not elected to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Title: Note 4 - 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: Kenwood Area Housing, Inc, has not elected to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
Kenwood Area Housing, Inc, has received a U.S. Department of Housing and Urban Development
direct loan under Section 811 of the National Affordable Housing Act. The loan balance outstanding
at the beginning of the year is included in the federal expenditures presented in the Schedule.
Kenwood Area Housing, 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
14.134 HUD Capital Advance $ 3 ,713,600
$ 3 ,713,600