Audit 25008

Title: NOTE 1 - 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: The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Long Island Housing Partnership, Inc. and Affiliates (collectively, the Organization) under programs of the federal government for the year ended December 31, 2022. 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 the Organization, it is not intended to, and does not present the combined financial position, changes in net assets, or cash flows of the Organization. The Schedule includes Emergency Rental Assistance Program direct assistance to eligible households totaling $32,174,674 as well as Nassau County Down Payment Assistance Program direct assistance to eligible households totaling $50,000, which are not recognized as revenue or expense in the Organizations combined financial statements. Such amount represents payments disbursed by the Organization as pass-through to the eligible households.