Audit 362230

Title: NOTE A – Basis of Accounting Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Logansport Housing Authority. 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The reporting entity is defined in Note A to the Authority’s financial statements. All federal financial assistance received directly and indirectly is required to be included in the schedule. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Revenue and expenses are presented on the accrual basis of accounting with the exception of depreciation and property and equipment. For purposes of the Schedule, depreciation expense is not recorded and the cost of property and equipment additions are included as an expenditure. During the year ended December 31, 2024, the Authority made no payments to sub-recipients. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Logansport Housing Authority. 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The reporting entity is defined in Note A to the Authority’s financial statements. All federal financial assistance received directly and indirectly is required to be included in the schedule. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Revenue and expenses are presented on the accrual basis of accounting with the exception of depreciation and property and equipment. For purposes of the Schedule, depreciation expense is not recorded and the cost of property and equipment additions are included as an expenditure. During the year ended December 31, 2024, the Authority made no payments to sub-recipients.

Title: NOTE B – Reconciliation to Financial Statements Accounting Policies: The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Logansport Housing Authority. 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), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The reporting entity is defined in Note A to the Authority’s financial statements. All federal financial assistance received directly and indirectly is required to be included in the schedule. The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Revenue and expenses are presented on the accrual basis of accounting with the exception of depreciation and property and equipment. For purposes of the Schedule, depreciation expense is not recorded and the cost of property and equipment additions are included as an expenditure. During the year ended December 31, 2024, the Authority made no payments to sub-recipients. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Total expenses as reported on the Statement of Revenue, Expenses and Changes in Net Position $ 1,478,802 Depreciation expense (754) Loss on disposal of asset (212) Total Expenditures of Federal Awards $ 1,477,836