Title: NOTE 3 – RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Ouachita Grand Plaza, Inc., HUD Project No. 064-EH150-WAH-NP-L8, 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 the Federal Regulations 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 basic financial statements.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal award revenues earned under the Section 8 Housing Choice Voucher program are reported in the Corporation’s Statement of Activities. Federal awards expended under the Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Partners of $2,512,509 is the loan balance as of July 1, 2022. The mortgage payable of $2,436,046 is reported in the Corporation’s Statement of Financial Position as of June 30, 2023.
Title: NOTE 4 – RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Ouachita Grand Plaza, Inc., HUD Project No. 064-EH150-WAH-NP-L8, 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 the Federal Regulations 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 basic financial statements.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported above agree with the amounts reported in the related federal financial reports except for changes made to reflect amounts in accordance with accounting principles generally accepted in the United States of America.
Title: NOTE 5 – EXPENDITURES OF FEDERAL AWARDS TO SUBRECIPIENTS
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Ouachita Grand Plaza, Inc., HUD Project No. 064-EH150-WAH-NP-L8, 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 the Federal Regulations 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 basic financial statements.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 are limited as to reimbursement. The Corporation has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Corporation did not have expenditures of federal awards to subrecipients.