Audit 1248

Title: FEDERAL FUNDED AND INSURED MORTGAGES Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Queens B’nai B’rith Housing Development Fund Company, Inc. (the “Housing Company”) under programs of the federal government as of and for the year ended June 30, 2023. The information in the Schedule is presented in accordance with the requirements of the 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 Queens B’nai B’rith Housing Development Fund Company, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of the Housing Company. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Housing Company has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance The mortgage balance at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the outstanding federally insured mortgage at June 30, 2023 is $5,592,093.