Audit 409793

Note A - Basis Of Presentation; An accompanying schedule of expenditures of federal awards includes the federal grant activity of Dewittsburgh Housing Development Fund Corporation, Project No. 01444013, and is presented on the accrual basis of accounting. 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 Dewittsburgh Housing Development Fund Corporation, it is not intended to and does not present the financial position, change in net assets, or cash flows of Dewittsburgh Housing Development Fund Corporation.

Note B - Summary of Significant 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. Dewittsburgh Housing Development Fund Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.