Audit 304456

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: AME-Zion Trinity Housing Development Fund Co., Inc has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of AME-Zion Trinity Housing Development Fund Co., Inc, HUD Project No. 013-44044-NP-R, under programs of the federal government for the year ended October 31, 2023. 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 AME-Zion Trinity Housing Development Fund Co., Inc, it is not intended to and does not present the financial position, changes in net assets, or cash flows of AME-Zion Trinity Housing Development Fund Co., Inc. For the year ended October 31, 2023, no awards were passed through to subrecipients.

Title: United States Department of Housing and Urban Development insured loan 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: AME-Zion Trinity Housing Development Fund Co., Inc has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. AME-Zion Trinity Housing Development Fund Co., Inc. has received a U.S. Department of Housing and Urban Development direct loan under section 223(a)(7) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. AME-Zion Trinity Housing Development Fund Co., Inc. Inc. received no additional loans during the year. The balance of the loan outstanding at October 31, 2023 is:Federal Assistance Listing Number Program Name Outstanding Balance at October 31, 2023 14.155 Mortgage Insurance for the purchase or Refinancing of Existing Multifamily Housing Projects $ 12,228,119