Audit 32531

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 1 Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all Federal award programs administered by Better Housing for Tompkins County, Inc. and Subsidiaries (BHTC), an entity as defined in Note 1 to BHTCs financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. Note 2 Basis of Accounting The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable program and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger, which is the source of the financial statements. Note 3 Indirect Costs Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. BHTC did not elect to use the 10% deminimus indirect cost rate under Uniform Guidance. Note 4 Matching Costs Matching costs, such as BHTCs share of certain program costs, are not included in the reported expenditures. Note 5 Purpose of the Grants The purpose of the federal grants is to provide low-cost home improvement loans and low-cost housing alternatives to low and moderate income residents of Tompkins County. Note 6 Other Disclosures No amounts were provided to subrecipients. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 858131.