Audit 338841

Title: COMMUNITY DEVELOPMENT BLOCK GRANT Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of all federal awards of Lighthouse Central Florida, Inc. (Lighthouse) for the year ended September 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). The Schedule presents only a selected portion of the operations of Lighthouse Central Florida, Inc., therefore, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Lighthouse Central Florida, Inc. Summary of Significant 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: Lighthouse Central Florida, Inc. did not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Lighthouse Central Florida, Inc. is a subrecipient of a Community Development Block Grant (CDBG) grant from Orange County, Florida funded through the United States Department of Housing and Urban Development (HUD) to purchase the facility at 2500 Kunze Avenue, Orlando, Florida (the Property). The purchase was performed for the purposes of operating the Property to serve adult individuals with blindness or visual impairments. Lighthouse is to maintain the Property for the approved purposes for ten years ending November 11, 2023. In the event that Lighthouse is in default, the Organization agrees to reimburse Orange County the amount of the current fair value of the Property, less any portion of the value of the Property attributed to expenditures of non-CDBG funds for acquisition and improvements. As of October 1, 2023, the total amount of loans outstanding subject to continuing compliance requirements was $900,000, which is included in the SEFA. The loan was forgiven on December 21, 2023 and is reflected within grants and contributions in the accompanying consolidated statements of activities as loan forgiveness.