Audit 355520

Title: Note 1 – Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation - This schedule includes the activity of Salvation Manor, Inc. (HUD Project No. 064- EE-108) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the audit requirements of Title 2 U.S. Code of the Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Indirect Cost Rate - Salvation Manor, Inc. did not use the 10% de minimis cost rate. Loan/Loan Guarantee Outstanding Balance - Supportive Housing for the Elderly – Capital Advance - The balance outstanding at the end of the audit period was $917,600. De Minimis Rate Used: N Rate Explanation: N/A Basis of Presentation - This schedule includes the activity of Salvation Manor, Inc. (HUD Project No. 064- EE-108) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the audit requirements of Title 2 U.S. Code of the Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Indirect Cost Rate - Salvation Manor, Inc. did not use the 10% de minimis cost rate. Loan/Loan Guarantee Outstanding Balance - Supportive Housing for the Elderly – Capital Advance - The balance outstanding at the end of the audit period was $917,600.