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 the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: United Pejepscot Housing, Inc. Rural Development has not elected to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of United Pejepscot Housing, Inc. Rural Development under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operationsof Pejepscot Housing, Inc., it is not intended to and does not present the financial position of the Organization,as of December 31, 2023, and the changes in its financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.
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 the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: United Pejepscot Housing, Inc. Rural Development has not elected to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance
A. 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.
B. Pass-through entity identifying numbers are presented where available.
C. United Pejepscot Housing, Inc. Rural Development has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
D. The outstanding balance of the capital advance covenant at December 31, 2023 with continuing compliance requirements which are reported as Federal Expenditures on the accompanying Schedule of Expenditures of Federal Awards was $1,284,806.
Title: NOTE 3 - AWARDS TO SUBRECIPIENTS
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.
De Minimis Rate Used: N
Rate Explanation: United Pejepscot Housing, Inc. Rural Development has not elected to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance
During the year ended December 31, 2023, there were no awards passed through to subrecipients.
Title: NOTE 4 - CAPITAL ADVANCE
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.
De Minimis Rate Used: N
Rate Explanation: United Pejepscot Housing, Inc. Rural Development has not elected to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance
SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM (14.195) - Balances outstanding at the end of the audit period were $122,846. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were $1,161,960. The outstanding balance of loan and loan guarantee programs at December 31, 2023 with continuing compliance requirements which are reported as federal expenditures on the accompanying Schedule of Expenditures of Federal Awards was $1,284,806.