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 III, Inc. (the Project), HUD Project No. 067-EH272 FL 29-T871-
033, 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 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 the 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 III, Inc. (the Project), HUD Project No. 067-EH272 FL 29-T871-
033, 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 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 III, Inc. (the Project), HUD Project No. 067-EH272 FL 29-T871-
033, 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 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 the 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 the 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 III, Inc. (the Project), HUD Project No. 067-EH272 FL 29-T871-
033, 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 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 the 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.
Title: Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
award activities of G.I.S. Housing III, Inc. (the Project), HUD Project No. 067-EH272 FL 29-T871-
033, 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 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 the 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 had the following loan balances at June 30, 2024: See Notes to Shecule of Expenditures of Federal Awards.