Audit 304974

Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Stoney Pine Charities Housing Corporation (a California nonprofit public benefit nonprofit corporation) (the "Organization") under programs of the federal government for the year ended December 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 the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. (2) Expenditures of federal awards made on or after December 26, 2014 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. (3) Expenditures of federal awards made prior to December 26, 2014 are recognized following the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (4) Expenditures reported on the Schedule include the value of new loans made or received during the audit period, plus the beginning of the audit period balance of loans from previous years for which the federal government imposes continuing compliance requirements. De Minimis Rate Used: N Rate Explanation: Stoney Pine Charities Housing Corporation has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Organization has various U.S. Department of Housing and Urban Development loans. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Organization received no additional loans during the year. The balance of the loans outstanding at December 31, 2023 consists of the following: Program Name Assistance Listing Number Balance Supportive Housing for Persons with Disabilities (Section 811) 14.181 $ 2,275,900 Community Development Block Grants/Entitlement Grants 14.218 834,000 HOME Investment Partnerships Program 14.239 895,050 $ 4,004,950 The HOME Investment Partnerships Program note with City of Santa Clara was forgiven on September 5, 2023.