Audit 360545

Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Main Street Baptist Manor, Inc., HUD Project No. 083-11099, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Section 202 Direct Loan balance as of March 31, 2024 was $1,210,543. The Home Investment Partnership Program deferred grant income balance as of March 31, 2024 was $493,750. The Coronavirus State and Local Fiscal Recovery Funds note balance as of March 31, 2024 was $344,000. De Minimis Rate Used: N Rate Explanation: The Project has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.