Audit 341617

Title: 1 Accounting Policies: 2. 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Oriskany Falls Housing Development Fund Co., Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Oriskany Falls Housing Development Fund Co., Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. 1. Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal award activity of Oriskany Falls Housing Development Fund Co., Inc. under programs of the federal government, and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Adminitrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the Project's financial position, changes in net deficit, or cash flows.

Title: 2 Accounting Policies: 2. 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Oriskany Falls Housing Development Fund Co., Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Oriskany Falls Housing Development Fund Co., Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. 2. 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Oriskany Falls Housing Development Fund Co., Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.

Title: 3 Accounting Policies: 2. 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Oriskany Falls Housing Development Fund Co., Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Oriskany Falls Housing Development Fund Co., Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. 3. U.S. Department of Agriculture Rural Rental Housing Loans The loan balance outstanding at the beginning of the year is included in the Federal Expenditures presented in the Schedule. Oriskany Falls Housing Development Fund Co., Inc. received no additional loans during the year. The outstanding balance of the loan and loan guarantee programs at August 31, 2024 with continuing compliance requirements which are reported as federal expenditures on the accompanying Schedule of Expenditures of Federal Awards was $1,712,581.