Title: Basis of Presentation
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amounts reported as federal expenditures in the Schedule represent the expenditure of federal funds. The non-federal share of expenditures, if any, is excluded from the Schedule.
De Minimis Rate Used: N
Rate Explanation: People Inc. and Affiliates has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
People Inc. and Affiliates (the Agency) are not-for-profit organizations. All federal grant operations of the Agency are included in the scope of this single audit, except as noted below. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Agency under programs of the federal government for the year ended December 31, 2023. The schedule includes the expenditures of federal awards for People Inc. and Affiliates. However, it does not include the federal awards of certain People Inc. Affiliates that operate supportive housing programs funded by the U.S. Department of Housing and Urban Development. This funding has been reported in separate filings of the following individual entities as required by the U.S. Department of Housing and Urban Development: Iris Housing Corp. 3,008,862 Tulip Housing Corp. 344,151 Lilac Housing Corp .614,914 Daisy Housing Corp. 634,052 Lilly Housing Corp. 3,839,565 Seneca-Cazenovia Community Square Corp. 3,995,445 Ivy Rose Housing Corp. 2,848,643 Connecticut Street Housing Corp. 763,718 Marigold Housing Corp. 3,223,014 Violet Housing Corp. 4,086,323 Daffodil Housing Corp. 4,343,105 Geranium Housing Corp. 537,828 Carnation Housing Corp. 4,516,818 Poinsettia Housing Corp. 4,457,570 Sunflower Housing Corp. 4,504,043 Birch Housing Corp. 461,703 Redwood Housing Corp. 415,494 Maple Housing of NY Corp. 4,888,943 Oak Housing of NY Corp. 4,901,130 Pine Housing of NY Corp. 5,508,301 Willow Housing Corp. 5,210,685 Elm Housing Corp. 5,215,616 Holly Housing Corp. 3,825,923 Gamma Housing Corp.119,623 Residential Options Company, Inc. 28,900 Epsilon Housing Corp. 109,419 Orchard Housing of NY Corp. 5,181,901 Walnut Housing Corp. 6,260,371 Hertel Housing Development Fund Corp. 50,148 Lincoln St. Housing Corp. 1,094,339 BAWNY Housing Development Fund Corp. 1,855,389 Ibero Housing Corp. 581,993 Amapola Housing Corp. 347,920 Total $87,775,849. 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 People Inc. and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of People Inc. and Affiliates.