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: Sarasota Area Housing has elected to not use the 10% de minimis cost rate per uniform guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
award activity of Sarasota Area Housing, Inc., HUD Project No. 067-EH273, 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 Sarasota Area Housing, Inc., it is not intended to and does not present the financial
position, changes in net assets, or cash flows of Sarasota Area Housing, Inc. For the year ended
December 31, 2023, no awards were passed through to subrecipients. Under Government Auditing
Standards and U.S. Department of Housing and Urban Development (HUD)'s Regulations,
Supportive Housing for Persons with Disabilities is considered a major program.
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: Sarasota Area Housing has elected to not use the 10% 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 - 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: Sarasota Area Housing has elected to not use the 10% de minimis cost rate per uniform guidance.
Embrace Living Development 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 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: Sarasota Area Housing has elected to not use the 10% de minimis cost rate per uniform guidance.
Sarasota 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) from HUD under the
American Recovery and Reinvestment Act of 2009. The loan balance outstanding at the beginning
of the year is included in the federal expenditures presented in the Schedule. The balance of the
loan outstanding December 31, 2023 consists of:
CFDA Number Program Name
Outstanding
Balance at
December
31, 2023
14.181 HUD Capital Advance $ 1 ,997,800