Audit 55399

Title: Loan/loan guarantee outstanding balances Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Burke Place Apartments under programs of the federal government for the year ended December 31, 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 Burke Place Apartments, it is not intended to and does not present the financial position, change in net assets and cash flows of Burke Place Apartments. Basis of Accounting - The Organization reports in accordance with the American Institute of Certified Public Accountants' Audit and Accounting Guide for nonprofit organizations. The Organization's books and records are maintained on the modified accrual basis of accounting for nonprofit type funds. Using the modified accrual basis of accounting, revenues are recognized when they become measurable and available as net current assets, and expenditures are recognized when the related fund liability is incurred.Loans and Loan Guarantees Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The balance of the loans outstanding at December 31, 2022 consists of:CFDA 14.181 Supportive Housing for Persons with Disabilities Loan Balance - $2,190,020Indirect Cost Rate - The Organization has not elected to use the 10% de minimis indirect cost rate. 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 2190020.