Title: Note 1. Basis of Presentation
Accounting Policies: The amount reported on the Schedule is reported on the accrual basis of accounting and is the HUD-insured mortgage loan balance outstanding as of October 1, 2023.
De Minimis Rate Used: N
Rate Explanation: The Organization has not yet elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Pittsfield Lowry, LLC (the Organization) under programs of the federal government 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). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of the Organization.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: The amount reported on the Schedule is reported on the accrual basis of accounting and is the HUD-insured mortgage loan balance outstanding as of October 1, 2023.
De Minimis Rate Used: N
Rate Explanation: The Organization has not yet elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The amount reported on the Schedule is reported on the accrual basis of accounting and is the HUD-insured mortgage loan balance outstanding as of October 1, 2023.
Title: Note 3. Indirect Cost Rate
Accounting Policies: The amount reported on the Schedule is reported on the accrual basis of accounting and is the HUD-insured mortgage loan balance outstanding as of October 1, 2023.
De Minimis Rate Used: N
Rate Explanation: The Organization has not yet elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The Organization has not yet elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Title: Note 4. Loans Outstanding
Accounting Policies: The amount reported on the Schedule is reported on the accrual basis of accounting and is the HUD-insured mortgage loan balance outstanding as of October 1, 2023.
De Minimis Rate Used: N
Rate Explanation: The Organization has not yet elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
As of September 30, 2024, the Organization had a HUD-insured mortgage loan balance outstanding of $4,239,182.
Title: Note 5. Noncash Assistance
Accounting Policies: The amount reported on the Schedule is reported on the accrual basis of accounting and is the HUD-insured mortgage loan balance outstanding as of October 1, 2023.
De Minimis Rate Used: N
Rate Explanation: The Organization has not yet elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
There was no noncash federal assistance received by the Organization during the year.
Title: Note 6. Insurance
Accounting Policies: The amount reported on the Schedule is reported on the accrual basis of accounting and is the HUD-insured mortgage loan balance outstanding as of October 1, 2023.
De Minimis Rate Used: N
Rate Explanation: The Organization has not yet elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The Organization maintains property and liability insurance which management believes is sufficient to meet its needs. None of the insurance is directly funded by federal awards.
Title: Note 7. Subrecipients
Accounting Policies: The amount reported on the Schedule is reported on the accrual basis of accounting and is the HUD-insured mortgage loan balance outstanding as of October 1, 2023.
De Minimis Rate Used: N
Rate Explanation: The Organization has not yet elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The Organization did not pass-through any federal awards to subrecipients during the year ended September 30, 2024.