Audit 342302

Title: Federal Loans Accounting Policies: The accompanying schedule of federal expenditures of federal awards presents the activity of all federal award programs of Nashua Soup and Kitchen and Shelter, Inc. All federal awards received from federal agencies as well as federal awards passed through other governmental agencies are included in this schedule. The information in this schedule is presented in accordance with 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 Nashua Soup Kitchen and Shelter, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Nashua Soup Kitchen and Shelter, Inc. The accompanying schedule of federal expenditures of federal awards is prepared on the accrual basis of accounting. Expenditures include only the federally funded portions of the program and are recognized following the cost principles contained in the Uniform Guidance, and include only the federally funded portions of the programs. De Minimis Rate Used: N Rate Explanation: The organization did not use any minimis cost rate. The Organization completed a shelter and housing construction project during the year ended June 30, 2022. As part of the construction, the Organization funded part of the project utilizing loan financing plans from various Federal and pass through Agencies that do not require repayment if the Organization maintains low income housing terms. The Organization was compliant with these terms and the balance of these loans was $3,540,225 at June 30, 2022.