Audit 33249

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, Inc., HUD Project No. 071-EE087, and is presented on theaccrual basis of accounting. The information in this schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the schedule presents only a selected portion of the operations of St.Edmund's Tower, Inc., it is not intended to and does not present the financial position, changesin net assets, or cash flows of St. Edmund's Tower, 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, 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 4636900.