Audit 8115

Title: Basis of Presentation Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Bivins Village, HUD Project No. 133-EE017, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant and, accordingly, when such funds are received, they are recorded as deferred revenues until earned. Bivins Village, HUD Project No. 133-EE017 has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: N/A The accompanying schedule of expenditures of federal awards includes the federal grant activity of Bivins Village, HUD Project No. 133-EE017, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant and, accordingly, when such funds are received, they are recorded as deferred revenues until earned. Bivins Village, HUD Project No. 133-EE017 has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.

Title: Capital Advances Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Bivins Village, HUD Project No. 133-EE017, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant and, accordingly, when such funds are received, they are recorded as deferred revenues until earned. Bivins Village, HUD Project No. 133-EE017 has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: N/A Bivins Village, HUD Project No. 133-EE017, had the following capital advance balance outstanding at the end of the audit period were 3494200. This capital advance is included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards.