Audit 54196

Title: Loan/loan guarantee outstanding balances Accounting Policies: The schedule of expenditures of federal awards (the schedule) includes the federal grant activity of the Project under programs of the federal government for the year ended June 30, 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 Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Project.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 limited as to reimbursement.For purposes of presentation on the schedule, the Uniform Guidance requires that the balance of the Section 202 capital advance be included for each of the 40 years through which continuing compliance requirements must be met. For purposes of presentation on the Projects financial statements, this balance is reported as a long term liability, in accordance with generally accepted accounting principles. 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 1319006.