The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Boylston Housing, Inc. under programs of the federal government for the 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 (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 the Project, it is not intended to and does not present the Boylston Housing financial position, changes in net assets, or cash flows
(1) Expenditures reported on the Schedule are reported on the accrual basis of ac-counting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Boylston Housing, Inc. reimbursement is not based on cost principles but is based on tenant eligibility and personal income levels.
(2) Boylston Housing, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under The Uniform Guidance. Boylston Housing, Inc. does not have to allocate income among programs as the only program is operating the hous-ing facility.
(3) The outstanding balance of loan and loan guarantee programs at December 31, 2024 with continuing compliance requirements which are reported as federal ex-penditures on the accompanying schedule of expenditures of Federal Awards was $1,047,276.
COMPLIANCE Compliance testing on all applicable types of compliance requirements, as described in the Compliance Supplement, was performed. The monetary threshold used to distin-guish between Type A programs and Type B programs was $750,000. Specifically, compliance testing and tests of controls were performed for the following Type A grant program which is considered a major federal award and comprised 88% of total feder-al program expenditures.
PERIOD AUDITED Single audit testing procedures were performed for Boylston Housing, Inc.’s major federal award transactions for the year ended December 31, 2024.
FINDINGS OF NONCOMPLIANCE There were no compliance findings noted during our audit of the 2024 financial statements relating to physical inspections or management reviews for which the Project has not taken corrective action.