Audit 345615

Accounting Policies: NOTE 1. BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards presents the activity of the federal financial assistance programs administered by Neighborhood Housing Services of South Buffalo, Inc., an entity as defined in Note 1 to the Organization’s basic financial statements. 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). Federal awards received directly from federal agencies as well as federal awards passed through from other government agencies are included in the schedule. Because the schedule presents only a selected portion of the operations of the Organization, it is not intended and does not present the financial position, changes in net position, or cash flows of the Organization. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported as federal expenditures were obtained from the Organization’s financial reporting system, which is the source of the Organization’s basic financial statements. Such expenditures are recognized following the cost principles contained in the uniform guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: NOTE 3. INDIRECT COST RATE Neighborhood Housing Services of South Buffalo, Inc. has elected to not use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.