Audit 364032

Title: see coversheet Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal awards activity of Prairie View Villas No. 1, HUD Project No. 072-HD152, under programs of the federal government for the year ended December 31, 2024, 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 ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Prairie View Villas No. 1, it is not intended and does not present the financial position, changes in net assets, or cash flows of Prairie View Villas No. 1 for the year ended December 31, 2024,.Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.Summary of Significant 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. Prairie View Villas No. 1 has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance.U.S. Department of Housing and Urban Development Loan Program: Prairie View Villas No. 1 has received a U.S. Department of Housing and Urban Development direct loan under Section 811 of the National Affordable Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Prairie View Villas No. 1 received no additional loans during the year. The balance of the loan outstanding at December 31, 2024 is $1,987,800.For the year ended December 31, 2024, no awards were passed though to subrecipients. Under Government Auditing Standards and U.S. Department of Housing and Urban Development (HUD) Regulations, the Supportive Houring for Persons with Disabilities program is considered a major program.No other single audits were performed during the year. De Minimis Rate Used: N Rate Explanation: Prairie View Villas No. 1 has elected not to use the 10-percent de minims indirect cost rate allowed under the Uniform Guidance. see coversheet