Audit 357375

Title: 6.Loan Programs Accounting Policies: 1.Basis of Accounting The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity ofKor Community Land Trust dba RootedHomes and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with requirements of The UniformGuidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, someamounts presented in this schedule may differ from amounts presented in, or used in the preparationof, the basic financial statements. 2.Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized in accordance with the requirements Title 2 CFR Part 200, UniformAdministrative Requirements for Federal Awards (Uniform Guidance), wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. 3.Assistance Listings Federal award program titles are reported as presented in SAM.gov Assistance Listings (AL). FederalAward program titles not presented in SAM.gov are identified by Federal Agency number followed by(.xxx). 4.Major and Nonmajor Federal Financial Assistance Programs Federal financial assistance programs with identical assistance listing (AL) numbers are combined indetermining whether the programs are major or nonmajor. Type A federal assistance programs arethose with combined expenditures of $750,000 or more during a fiscal year. Type B federal financialassistance programs are those with combined expenditures of less than $750,000 during a fiscal year. De Minimis Rate Used: N Rate Explanation: Kor Community Land Trust dba RootedHomes has not used the 10% de minimis indirect cost rate. Loans outstanding at the beginning of the year and loans made during the year are included in thefederal expenditures presented in the Schedule. The balance of loans outstanding at December 31,2024 consists of 1,463,110.