Audit 365744

Title: 1 Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of O'Fallon Apartments Preservation, NFP 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 Requirement 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. O'Fallon Apartments Preservation, NFP was organized as a Not-For-Profit Corporation under the laws of the State of Illinois to construct, hold, and operate an apartment complex (the Project). The Project consists of 132 units located in O'Fallon, Illinois known as O'Fallon Apartments. De Minimis Rate Used: N Rate Explanation: The Corporation has not elected to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414. The accompanying schedule of expenditures of federal awards includes the federal program activity of O'Fallon Apartments Preservation, NFP 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 Requirement 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. O'Fallon Apartments Preservation, NFP was organized as a Not-For-Profit Corporation under the laws of the State of Illinois to construct, hold, and operate an apartment complex (the Project). The Project consists of 132 units located in O'Fallon, Illinois known as O'Fallon Apartments.

Title: 2 Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of O'Fallon Apartments Preservation, NFP 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 Requirement 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. O'Fallon Apartments Preservation, NFP was organized as a Not-For-Profit Corporation under the laws of the State of Illinois to construct, hold, and operate an apartment complex (the Project). The Project consists of 132 units located in O'Fallon, Illinois known as O'Fallon Apartments. De Minimis Rate Used: N Rate Explanation: The Corporation has not elected to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414. The Corporation has not elected to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414.