Audit 53838

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Ida B Wells, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The schedule presents only a selected portion of the operations of Ida B Wells, Inc. It is not intended to, and does not present, the financial position or changes in net assets of Ida B. Wells, Inc. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. 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. Ida B Wells, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Ida B. Wells, Inc. has received various U.S. Department of Housing and Urban Development funding. The loan balance outstanding at the beginning of the year is included in the federalexpenditures presented in the schedule. Ida B. Wells, Inc. received no additional loans during the year. The balance of the loan outstanding at July 31, 2022, consists of :SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 3857200.