Audit 319272

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) The Corporation 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 programs at December 31, 2023 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $4,754,105. (d) The Section 202 Capital Advance and Demonstration Pre-Development Grant are reported as donor-imposed restricted net assets as of December 31, 2023. De Minimis Rate Used: N Rate Explanation: (b) The Corporation has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Willow Glen Elderly Housing Corp. (the Corporation) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a portion of the Corporation, it is not intended to and does not present the Corporation’s financial position, changes in net assets or cash flows.