Audit 35360

Title: Loan/loan guarantee outstanding balances Accounting Policies: Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards, (the Schedule)includes the federal awardsactivity of Wampum Park Housing Corporation, (theProject), under programs of the federal government for the year endedJune 30, 2021.The information in this Schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of FederalRegulations Part 200, Uniform AdministrativeRequirements, Cost Principals, and Audit Requirements for Federal Awards,(theUniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, itis notintended to and does not present the balance sheet, changes in net assets or cashflows of the Project. Summary of SignificationAccounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expendituresare recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are notallowable or are limited as toreimbursement. The Project has not elected to use the 10% de Minimis indirect cost rateasallowed under the Uniform Guidance since the Project is a single purpose entity thatonly incurs costs based on the reasonableand necessary costs for one single project.Federal loan programs with continuing program compliance requirements arepresentedon the Schedule with the beginning of the year loan balance. The ending balance is$1,620,300. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 1620300.

Title: Loan/loan guarantee outstanding balances Accounting Policies: Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards, (the Schedule)includes the federal awardsactivity of Wampum Park Housing Corporation, (theProject), under programs of the federal government for the year endedJune 30, 2021.The information in this Schedule is presented in accordance with the requirements ofTitle 2 U.S. Code of FederalRegulations Part 200, Uniform AdministrativeRequirements, Cost Principals, and Audit Requirements for Federal Awards,(theUniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, itis notintended to and does not present the balance sheet, changes in net assets or cashflows of the Project. Summary of SignificationAccounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expendituresare recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are notallowable or are limited as toreimbursement. The Project has not elected to use the 10% de Minimis indirect cost rateasallowed under the Uniform Guidance since the Project is a single purpose entity thatonly incurs costs based on the reasonableand necessary costs for one single project.Federal loan programs with continuing program compliance requirements arepresentedon the Schedule with the beginning of the year loan balance. The ending balance is$1,620,300. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 1620300.