Audit 399509

Note 1:Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards and programs of the Organization. The Organization's reporting entity is defined in Note 1 of the Agency's consolidated financial statements. All federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other government agencies, are included on the schedule.The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting and includes outstanding notes payable. Federal award expeditures are reported in the Organization's unrestricted and temporarily restricted funds as rental property, construction in progress, or expenses. Note 2: Summary of significant accounting policies Expenditures reported on the Schedule are reported on the accrual basis of accounting, Such expenditures are recongized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Note 3 - Indirect cost rate Pawtucket Central Falls Development Corporation and Subsidiaries has elected to use the de minimis cost rate as allowed under the Uniform Guidance.