Audit 364606

Title: NOTE 3 - U.S. DEPARTMENT OF AGRICULTURE LOAN PROGRAM Accounting Policies: Note 1 - Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Salisbury Housing Committee, Inc., RD Project No. 06-03-169830220-017, under programs of the federal government for the fiscal year ended December 31, 2024. 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). Because the Schedule presents only a selected portion of the operations of Salisbury Housing Committee, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Salisbury Housing Committee, Inc. Note 2 - 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. De Minimis Rate Used: N Rate Explanation: Salisbury Housing Committee, Inc. did not recover its indirect costs using the 10 percent de minimis indirect cost rate allowed under Section 200.414 of the Uniform Guidance. Salisbury Housing Committee, Inc. has received a U.S. Department of Agriculture rural rental housing loan. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Salisbury Housing Committee, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2023 consists of: Federal Assistance Listing Number - 10.415, Program Name - Rural Rental Housing Loans, Outstanding Balance at December 31, 2024 - $671,817.