Audit 319190

Title: Basis of Presentation Accounting Policies: (a) 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. (b) Judson Terrace, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. (c) The outstanding balance of loan and loan guarantee program at December 31, 2023 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $2,047,373. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimus cost rate. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Judson Terrace, Inc. 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.