Audit 15841

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: N Rate Explanation: East Oak Place, Inc. has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards includes the federal award activity of East Oak Place, Inc., HUD Project No. 082-HD020-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 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 East Oak Place, Inc., it is not intended to and does not present the financial; position, changes in net assets, or cash flows of East Oak Place, 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: N Rate Explanation: East Oak Place, Inc. has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance. 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. East Oak Place, Inc. has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.

Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE 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 De Minimis Rate Used: N Rate Explanation: East Oak Place, Inc. has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance. East Oak Place, Inc. has received a capital advance from the U.S. Department of Housing and Urban Development. The capital advance at the beginning of the year is included in the federal expenditures presented in the schedule. East Oak Place, Inc. received no additional loans or capital advances during the current year. The balance of the capital advance outstanding at December 31, 2022, consists of: