Audit 325806

Title: NOTE A - BASIS OF PRESENTATION Accounting Policies: 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 are limited as to reimbursement. Scottsville Housing for the Elderly, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Scottsville Housing for the Elderly, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (schedule) includes the federal award activity of Scottsville Housing for the Elderly, Inc. under programs of the federal government for the year ended March 31, 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 Scottsville Housing for the Elderly, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Scottsville Housing for the Elderly, Inc.

Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: 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 are limited as to reimbursement. Scottsville Housing for the Elderly, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Scottsville Housing for the Elderly, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. 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 are limited as to reimbursement. Scottsville Housing for the Elderly, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.

Title: NOTE C - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM Accounting Policies: 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 are limited as to reimbursement. Scottsville Housing for the Elderly, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Scottsville Housing for the Elderly, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Scottsville Housing for the Elderly, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Scottsville Housing for the Elderly, Inc. received no additional loans during the year. The balance of the loan outstanding at March 31, 2024 consists of: Assistance Listing Number Program Name Outstanding Balance at March 31, 2024 14.157 Capital advance grant $2,305,200 14.164 Capital improvement loan