Audit 300269

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. De Minimis Rate Used: N Rate Explanation: NYCEEC has elected not to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the award activity of the federally assisted programs of the New York City Energy Efficiency Corporation (“NYCEEC”) as of and for the year ended June 30, 2023. The information in the 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. Because the Schedule presents only a selected portion of the operations of NYCEEC, it is not intended to and does not present the financial position, changes in net assets, or cash flows of NYCEEC.

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. De Minimis Rate Used: N Rate Explanation: NYCEEC has elected not to use the 10 percent de minimis cost rate as 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 limited as to reimbursement. The Schedule includes loan loss reserves and loans issued during the fiscal year. NYCEEC records loan loss reserves on the Schedule when they are deposited for the use of the borrower. NYCEEC is only responsible for the performance of certain administrative duties with respect to the Energy Efficiency and Conservation Block Grant Program (Assistance Listing Number 81.128) and not responsible for any ongoing compliance requirements. Therefore, the transactions of loans outstanding related to this program are only the amounts loaned during the year ended June 30, 2023.

Title: Indirect Cost Rates 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. De Minimis Rate Used: N Rate Explanation: NYCEEC has elected not to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance NYCEEC has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.