Audit 60980

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal contract activity of Washington Home of Your Own and its wholly owned subsidiary Robinson Lane, LLC under programs of the federal government for the year ended April 30, 2022. The Willows at Melvin Place has separately reported its expenditures of federal awards for the year ended April 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 (the Uniform Guidance). Because the schedule presents only a selected portion of the operations of Washington Home of Your Own and Robinson Lane, LLC, it is not intended to and does not present the financial position, changes in net assets or cash flows of Washington Home of Your Own and Robinson Lane, LLC. NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures 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. Expenditures on the Schedule include federal loan programs with continuing compliance requirements. The outstanding loan balances at April 30, 2022 totaled $1,658,584, all of which were under the Community Development Block Grants Neighborhood Stabilization Program. The Organization has not elected to use the 10% de minimis indirect cost rate since no indirect costs were allowed or charged to its federal programs. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were $1,658,584.