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 in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as a reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Housing Initiatives, Inc. under programs of the federal government of the year ended December 31, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Housing Initiatives, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Housing Initiatives, Inc.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as a reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Housing Initiatives, Inc. did not pass through any funds to subrecipients.
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in Office of Management and Budget Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as a reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Housing Initiatives, Inc. has received various loans through the federal loan programs listed below. As required by Uniform Guidance, the Schedule of Expenditures of Federal Awards includes loan balances outstanding at the beginning of the year that are subject to compliance. Over time, certain loans are considered past the Period of Availability (POA) and are no longer subject to federal compliance. The loan balances disclosed below include all loans, including those that may be past the POA. The balance of loans outstanding at December 31, 2022 are: 14.218 Community Development Block Grants/Entitlement Grants $206,751, 14.235 Supportive Housing Program $416,545, 14.239 Home Investment Partnerships Program $3,656,259, 14.256 Neighborhood Stabilization Program $483,996, 14.267 Continuum of Care Program $95,314 for a total of $4,858,865. Housing Initiatives, Inc. received no additional loans during the year.