Audit 39215

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Greyes Place Apartments Phase I, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with therequirements 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 Greyes Place Apartments Phase I, it is not intended to and does not present the financial position, changes in net assets (deficit), or cash flows of Greyes Place Apartments Phase I. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-122,Cost Principles for Non-profit Organizations, and the cost principles contained in the Uniform Guidance. Greyes Place Apartments Phase I has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. Greyes Place Apartments Phase I received an indirect loan from the U.S. Department of Housing and Urban Development through its HOME Investment Partnerships Program. The loan balances outstanding at the beginning of the year, plus any current year advances, areincluded in the federal expenditures presented in the accompanying schedule of expenditures of federal awards. The balance of the loan outstanding at December 31, 2022 was $4,970,891. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were $4,970,891.