Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs are allocated, therefore, no indirect cost rate is needed.
The accompanying schedule of expenditures of federal awards (The "Schedule") includes the federal award activity of Friendship
Home Association, 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 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 Friendship Home Association, it is not intended to and does not present the financial position, changes
in net assets, or cash flows of the Organization.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs are allocated, therefore, no indirect cost rate is needed.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs are allocated, therefore, no indirect cost rate is needed.
Friendship Home Association has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: Passed Through to Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs are allocated, therefore, no indirect cost rate is needed.
Friendship Home Association does not have grants passed through to subrecipients
Title: Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: No indirect costs are allocated, therefore, no indirect cost rate is needed.
The following loan balances were outstanding at December 31, 2023:
Assistance
Listing
Program
Community Facilities Loans & Grants
Number
10.766
Amount
Outstanding
$3,074,224