Title: Basis of Presentation
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. The amounts reported as federal expenditures in the Schedule represent the expenditure of federal funds. The non-federal share of expenditures, if any, is excluded from the Schedule. People Inc. and Affiliates has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
People Inc. and Affiliates (the Agency) are not-for-profit organizations. All federal grant operations of the Agency are included in the scope of this single audit, except as noted below. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Agency under programs of the federal government for the year ended December 31, 2022. The schedule includes the expenditures of federal awards for People Inc. and Affiliates. However, it does not include the federal awards of certain People Inc. Affiliates that operate supportive housing programs funded by the U.S. Department of Housing and Urban Development. This funding has been reported in separate filings of the following individual entities as required by the U.S. Department of Housing and Urban Development: Iris Housing Corp.3,000,782 Tulip Housing Corp.347, 479 Lilac Housing Corp.616,947 Daisy Housing Corp.623,780 Lilly Housing Corp.3,851,961 Seneca-Cazenovia Community Square Corp.3,985,910 Ivy Rose Housing Corp.2,855,288 Connecticut Street Housing Corp.768,143 Marigold Housing Corp.3,213,387 Violet Housing Corp.4,076,204 Daffodil Housing Corp.4,330,081 Geranium Housing Corp.534,594 Carnation Housing Corp.4,501,211 Poinsettia Housing Corp.4,431,986 Sunflower Housing Corp.4,525,785 Birch Housing Corp.465,099 Redwood Housing Corp.422,364 Maple Housing of NY Corp.4,867,505 Oak Housing of NY Corp.4,909,995 Pine Housing of NY Corp.5,524,946 Willow Housing Corp.5,234,146 Elm Housing Corp.5,236,247 Holly Housing Corp.3,827,279 Gamma Housing Corp.147,474 Residential Options Company, Inc.55,321 Epsilon Housing Corp.136,369 Orchard Housing of NY Corp.5,195,697 Walnut Housing Corp.6,257,903 Hertel Housing Development Fund Corp.44,974 Lincoln St. Housing Corp.1,098,960 BAWNY Housing Development Fund Corp.1,850,714 Ibero Housing Corp.555,479 Amapola Housing Corp.340,408 Total $87,834,418. 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 People Inc. and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of People Inc. and Affiliates.