Audit 14328

Title: NOTE A - 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. Maplewood Housing for the Elderly Corporation, FHA Project No. 032-EH016 has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Maplewood Housing for the Elderly Corporation, FHA Project No. 032-EH016, under programs of the federal government for the year ended March 31, 2023. The information in this Schedule is presented in accordance with 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 Maplewood Housing for the Elderly Corporation, FHA Project No. 032-EH016, the Schedule is not intended to and does not present the financial position, changes in net assets, or cash flows of Maplewood Housing for the Elderly Corporation, FHA Project No. 032-EH016.

Title: NOTE C - U.S. DEPT. OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM 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. Maplewood Housing for the Elderly Corporation, FHA Project No. 032-EH016 has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate Maplewood Housing for the Elderly Corporation, FHA Project No. 032-EH016 has received a U.S. Department of Housing and Urban Development Direct Loan under Section 202 of the National Housing Act. The loan balance outstanding at the end of the fiscal year is included in the federal expenditures presented in the Schedule above. Maplewood Housing for the Elderly Corporation, FHA Project No. 032-EH016 received no additional loans during the year. At March 31, 2022, the outstanding balance is $1,580,761.