Audit 54343

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 of NYSDForsyth Housing Development Fund, Inc. and is presented on the accrual basis of accounting. Theinformation 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 NYSD Forsyth Housing Development Fund, Inc., it is not intended to and doesnot present the financial position, changes in net assets, or cash flows of NYSD Forsyth HousingDevelopment Fund, Inc.NOTE 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. NYSD Forsyth Housing DevelopmentFund, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the UniformGuidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMNYSD Forsyth Housing Development Fund, Inc. has received a U.S. Department of Housing and UrbanDevelopment Capital Advance under Section 811. The Capital Advance balance outstanding at thebeginning of the year is included in the federal expenditures presented in the Schedule. NYSD ForsythHousing Development Fund, Inc. received no additional Capital Advance during the year. The balance ofthe Capital Advance outstanding at June 30, 2022 consists of:Outstanding BalanceCFDA Number Program Name at June 30, 202214.181 Section 811 Capital Advance Supportive Housingfor Persons with Disabilities $ 2,196,484 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 2196484.