Audit 53072

Title: Loan/loan guarantee outstanding balances Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(1)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, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Byfield Housing for the Elderly, Inc. reimbursement is not based on cost principles but is based on tenant eligibility and personal income levels.(2)Byfield Housing for the Elderly, Inc. has elected to use the 10 percent de minimis indirect cost rate as allowed under The Uniform Guidance. Byfield Housing for the Elderly, Inc. does not have to allocate income among programs as the only program is operating the housing facility.(3)The outstanding balance of loan and loan guarantee programs at December 31, 2022 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of Federal Awards was $2,770,559. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. RURAL RENTAL ASSISTANCE PAYMENTS (10.427) - Balances outstanding at the end of the audit period were 2770559.