Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on this Schedule are reflected 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. Pinn Gardens, Inc., HUD Project No. 034-EE031-WAH has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Pinn Gardens, Inc., HUD Project No. 034-EE031-WAH has elected not 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 Pinn Gardens, Inc., HUD Project No. 034-EE031-WAH, under programs of the federal government for the year ended June 30, 2024. 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 Pinn Gardens, Inc., HUD Project No. 034-EE031-WAH, the Schedule is not intended to and does not present the financial position, changes in net assets, or cash flows of Pinn Gardens, Inc., HUD Project No. 034-EE031-WAH.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on this Schedule are reflected 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. Pinn Gardens, Inc., HUD Project No. 034-EE031-WAH has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Pinn Gardens, Inc., HUD Project No. 034-EE031-WAH has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on this Schedule are reflected 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. Pinn Gardens, Inc., HUD Project No. 034-EE031-WAH has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE C – U.S. DEPT. OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: Expenditures reported on this Schedule are reflected 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. Pinn Gardens, Inc., HUD Project No. 034-EE031-WAH has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Pinn Gardens, Inc., HUD Project No. 034-EE031-WAH has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Pinn Gardens, Inc., HUD Project No. 034-EE031-WAH has received a U.S. Department of Housing and Urban Development Capital Advance under Section 202 of the National Housing Act. The capital advance balance outstanding at the end of the fiscal year is included in the federal expenditures presented in the Schedule above. Pinn Gardens, Inc., HUD Project No. 034-EE031-WAH received no additional advances during the year.