Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activities of G.I.S. Housing, Inc. (the Project), HUD Project No. 067-EH012-L8-WHC FL 29-
0706-201. 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 the Project, it is not intended to and does
not present the financial position, changes in net assets, or cash flows of the Project.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance, wherein
certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activities of G.I.S. Housing, Inc. (the Project), HUD Project No. 067-EH012-L8-WHC FL 29-
0706-201. 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 the Project, it is not intended to and does
not present the financial position, changes in net assets, or cash flows of the Project.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activities of G.I.S. Housing, Inc. (the Project), HUD Project No. 067-EH012-L8-WHC FL 29-
0706-201. 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 the Project, it is not intended to and does
not present the financial position, changes in net assets, or cash flows of the Project.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance, wherein
certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance, wherein
certain types of expenditures are not allowable or limited as to reimbursement.
Title: Indirect Costs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activities of G.I.S. Housing, Inc. (the Project), HUD Project No. 067-EH012-L8-WHC FL 29-
0706-201. 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 the Project, it is not intended to and does
not present the financial position, changes in net assets, or cash flows of the Project.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance, wherein
certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Project did not elect to use the 10% de minimis indirect cost rate allowed by the Uniform
Guidance.