Audit 321985

Title: Basis of Presentation Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the SEFA 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: Indirect Cost Rate The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of Huntington Gardens, LLC (the Organization) under programs of the federal government for the year ended June 30, 2024. The information on the SEFA 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 SEFA 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.

Title: Summary of Significant Accounting Policies Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the SEFA 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: Indirect Cost Rate The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance Expenditures reported on the SEFA 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

Title: Assistance Listing Number 14.155 − Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the SEFA 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: Indirect Cost Rate The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance The Organization did not receive any new loans during the year ended June 30, 2024. The loan outstanding at the beginning of the year was included in the schedule. As of June 30, 2024, the outstanding balance of the loan was $11,083,568

Title: Indirect Cost Rate Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the SEFA 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: Indirect Cost Rate The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.