Audit 357037

Title: 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. Crestone Peak Community Housing did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance for the year ended December 31, 2024. In addition, the Crestone Peak Community Housing did not pass-through federal funds to subrecipients. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Crestone Peak Community Housing, 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 Crestone Peak Community Housing, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Crestone Peak Community Housing.