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.
De Minimis Rate Used: N
Rate Explanation: The Organization has not elected to use the 10% de minimis indirect
cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Gilman Housing Trust, Inc. d/b/a RuralEdge and Subsidiaries (the
Organization) under programs of the federal government for the year ended December 31, 2024. The information in the 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 portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: Loans Outstanding
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: The Organization has not elected to use the 10% de minimis indirect
cost rate.
The Rural Rental Housing Loans, and the HOME Investment Partnerships Program include outstanding loan balances of $444,863 and $2,019,953, respectively, as of December 31, 2024.
Title: Other Disclosure
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: The Organization has not elected to use the 10% de minimis indirect
cost rate.
The Organization’s consolidated financial statements include the operations of The Meadows, a housing project of the Organization; Passumpsic View, Inc.; Gilman Housing Corporation; Groton Village Housing, Inc.; Derby Line Gardens, a housing project of the Organization; Rainbow Apartments, a housing project of the Organization; and Memphremagog Senior Citizen Housing, Inc., which expended $1,037,555; $2,121,044; $149,705; $77,809; $83,806; $1,229,974; and $163,932, respectively, in federal awards which are not included in the Organization’s Schedule for the year ended December 31, 2024 because the applicability of Schedule reporting under the
Uniform Guidance was determined in conjunction with the respective stand-alone audits of their financial statements.