Audit 51183

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity ofCorinthian Square Senior Citizens Housing Corporation 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 ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of Corinthian Square Senior Citizens Housing Corporation, it is not intended toand does not present the financial position, changes in net assets, or cash flows of Corinthian Square SeniorCitizens Housing CorporationNOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Corinthian Square Senior CitizensHousing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under theUniform Guidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMCorinthian Square Senior Citizens Housing Corporation has received a U.S. Department of Housing andUrban Development insured loan under Section 202 of the National Housing Act. The loan balanceoutstanding at the beginning of the year is included in the federal expenditures presented in the Schedule.Corinthian Square Senior Citizens Housing Corporation received no additional loans during the year. Thebalance of the loan outstanding at December 31, 2022 consists of:Outstanding BalanceCFDA Number Program Name at December 31, 202214.157 Supportive Housing for the Elderly $ 2,649,452 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 2649452.