Audit 348977

Title: LOANS Accounting Policies: BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lakeview Housing Authority, Inc., Project No. 052-11226. 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 Lakeview Housing Authority, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization. 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. The Authority has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: N/A For purposes of the schedule of expenditures of federal awards, the value of federal expenditures in the form of loans is calculated as the sum of the balance of loans from previous years for which the Federal Government imposes compliance requirements plus the outstanding balance of new loans received during the fiscal year.

Title: PASS THROUGH TO SUBRECIPIENTS Accounting Policies: BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of Lakeview Housing Authority, Inc., Project No. 052-11226. 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 Lakeview Housing Authority, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization. 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. The Authority has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: N/A There were no pass-throughs to subrecipients during 2024.