Audit 323415

Title: NOTE B – U.S. Department of Housing and Urban Development Loan Program Accounting Policies: NOTE A – Summary of Significant Accounting Policies The Schedule of Expenditures of Federal Awards includes the federal grant activity of Interfaith Homes of Kalamazoo, a Non-Profit Housing Corporation, FHA Project No. 047-35212 (the Project) 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 (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: The Project has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Interfaith Homes of Kalamazoo, a Non-Profit Corporation, FHA Project No. 047-35212 has received loans from the U.S. Department of Housing and Urban Development insured loan program under Section 221(a)(7) of the National Housing Act. The loan balances outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Project received no additional loans during the year. The balance of the loans outstanding at June 30, 2024, consists of: CFDA Number Program Name Balance 14.135 HUD – Multifamily Assisted Housing Reform and Affordability Act, 14.197 $ 582,342