Audit 372188

BASIC FINANCIAL STATEMENTS The accounting policies of the Block Island Economic Development Foundation Housing Corporation d/b/a E. Searles Ball Memorial Housing conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards 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). For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period. For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period. Block Island Economic Development Foundation Housing Corporation d/b/a E. Searles Ball Memorial Housing has not elected to use the 10% de Minimis indirect cost rate. The December 31, 2023 balances of the U.S. Department of Agriculture loans included in the accompanying schedule of expenditures of federal awards totals $1,691,510.