Audit 300186

Accounting Policies: Basis of Presentation This schedule of expenditures of federal awards includes the federal grant activity of Loretto-Malta Manor Housing Development Fund Company, Inc. (Malta Manor Apartments), HUD Project No. 014-EE180-NY06-S981-014 (the Corporation) 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. Capital Advance The Corporation obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at December 31, 2023 was $3,130,200. Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.