Title: Note 2. Scope of Audit
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Powell Street Housing Development Fund Company, Inc., Project No. 014-HD059, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other governmental agencies. The information is presented in accordance with the requirements of OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.Indirect costs may be included in the reported expenditures to the extent that they are included in the federal financial reports used as the source for the data presented. The Agency has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Matching costs (the Agencys share of certain program costs) are not included in the reported expenditures
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
All 2022 significant federal award operations of Powell Street Housing Development Fund Company, Inc., Project No. 014-HD059 are included in the scope of the Single Audit.The United States Department of Housing and Urban Development has been determined to be the Agencys cognizant agency.
Title: Note 3. Period of Audit
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Powell Street Housing Development Fund Company, Inc., Project No. 014-HD059, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other governmental agencies. The information is presented in accordance with the requirements of OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.Indirect costs may be included in the reported expenditures to the extent that they are included in the federal financial reports used as the source for the data presented. The Agency has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Matching costs (the Agencys share of certain program costs) are not included in the reported expenditures
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Audit testing procedures were performed for transactions occurring during the year ended December 31, 2022. Grant information is indicated in the schedule of expenditures of federal awards.
Title: Note 4. Capitalization Grant
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Powell Street Housing Development Fund Company, Inc., Project No. 014-HD059, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other governmental agencies. The information is presented in accordance with the requirements of OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.Indirect costs may be included in the reported expenditures to the extent that they are included in the federal financial reports used as the source for the data presented. The Agency has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Matching costs (the Agencys share of certain program costs) are not included in the reported expenditures
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Powell Street Housing Development Fund Company, Inc., Project No. 014-HD059 has received a total of $767,900 in the form of a capitalization grant from the United States Department of Housing and Urban Development. Under the regulations of the Uniform Guidance, this amount must be included in the determination if a Single Audit is required.
Title: Note 5. Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs administered by Powell Street Housing Development Fund Company, Inc., Project No. 014-HD059, using the accrual basis of accounting. Federal awards that are included in the schedule may be received directly from federal agencies, as well as federal awards that are passed through from other governmental agencies. The information is presented in accordance with the requirements of OMB Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.Indirect costs may be included in the reported expenditures to the extent that they are included in the federal financial reports used as the source for the data presented. The Agency has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Matching costs (the Agencys share of certain program costs) are not included in the reported expenditures
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the schedule, Powell Street Housing Development Fund Company, Inc., Project No. 014-14HD059 provided no federal awards to subrecipients.