Title: Note 1 - Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Coney Island Site Nine Houses, Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the
federal award activity of Coney Island Site Nine Houses, Inc., HUD Project No.: 012-11373, under
programs of the federal government for the year ended June 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 Coney Island Site Nine Houses, Inc., it is not intended to and
does not present the financial position, changes in net assets, or cash flows of Coney Island Site
Nine Houses, Inc. For the year ended June 30, 2024, no awards were passed through to subrecipients.
Title: Note 2 - 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, as applicable, the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Coney Island Site Nine Houses, Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
Title: Note 3 - Interest cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Coney Island Site Nine Houses, Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Coney Island Site Nine Houses, Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Title: Note 4 - U.S. Department of Housing and Urban Development loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Coney Island Site Nine Houses, Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Coney Island Site Nine Houses, Inc. has received a U.S. Department of Housing and Urban Development
direct loan under Section 207 of the National Housing Act. The loan balance outstanding at the
beginning of the year is included in the federal expenditures presented in the Schedule. Coney
Island Site Nine Houses, Inc. received no additional loans during the year. The balance of the loan
outstanding at June 30, 2024, consists of:
Assistance
Listing Number Program Name
14.155 Existing Multifamily Rental Housing: Sections 207/223(f)
Outstanding Balance at June
30, 2024
$ 7,846,248