Audit 347510

Accounting Policies: NOTE A – BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Faith Presbyterian Village, Inc., AKA Lake East I, RD Project No. 09-41-825147271-010 under programs of the federal government for the year ended December 31, 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 Faith Presbyterian Village, Inc., AKA Lake East I it is not intended to and does not present the financial position, changes in net assets (deficit), or cash flows of Faith Presbyterian Village, Inc. NOTE B - 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Faith Presbyterian Village, Inc. AKA Lake East I has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. NOTE C – FEDERAL LOAN PROGRAMS The amount of federal expenditures in the accompanying Schedule of Expenditures of Federal Awards includes the outstanding balance of a mortgage payable to Rural Development of $485,007 as of December 31, 2024. See Note B of the preceding Notes to Financial Statements for additional information. De Minimis Rate Used: N Rate Explanation: Faith Presbyterian Village, Inc. AKA Lake East I has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.