Audit 10909

Title: Basis of presentation 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. De Minimis Rate Used: Y Rate Explanation: The Organization elected to use the de minimis indirect cost rate for its Federal programs The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal assistance activity of The Villa at Meadow View, Inc. (the "Organization") under programs of the federal government for the year ended June 30, 2023. The information in the 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Villa at Meadow View, Inc.

Title: Summary of Significant Accounting Policies 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. De Minimis Rate Used: Y Rate Explanation: The Organization elected to use the de minimis indirect cost rate for its Federal programs 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.

Title: Indirect Cost Rat 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. De Minimis Rate Used: Y Rate Explanation: The Organization elected to use the de minimis indirect cost rate for its Federal programs The Organization elected to utilize the 10% de minimis indirect cost rate for its Federal programs.

Title: Capital Advance 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. De Minimis Rate Used: Y Rate Explanation: The Organization elected to use the de minimis indirect cost rate for its Federal programs Included in Supportive Housing for the Elderly is the cumulative amount of the capital advance received from the U.S. Department of Housing and Urban Development ("HUD"). HUD requires the Organization to comply with requirements identified in the regulatory agreements with the Organization for 40 years under the Capital Advance Program. The balance of the capital advance outstanding with continuing compliance requirements under federal loan guarantee programs includes those amounts received from HUD. The balance of this capital advance outstanding at June 30, 2023 under the Supportive Housing (CFDA #14.157) for the Elderly is $5,717,944.