Audit 32572

Title: Loan/loan guarantee outstanding balances Accounting Policies: BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal awardactivity of St. Edmund's Tower Annex, Inc., HUD Project No. 071-EE249, and is presented onthe accrual basis of accounting. The information in this schedule is presented in accordancewith the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the schedule presents only a selected portion of the operationsof St. Edmund's Tower Annex, Inc., it is not intended to and does not present the financialposition, changes in net assets, or cash flows of St. Edmund's Tower Annex, Inc.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement. St.Edmund's Tower Annex, Inc. has elected not to use the 10-percent de minimis indirect cost rateallowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 5517400.