Audit 322336

Title: Basis of presentation Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, and/or 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: Saint Elizabeth Manor, 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 grant activity of Saint Elizabeth Manor, Inc., FHA Project Number: 017-EH120 under programs of the federal government for the year ended June 30, 2024. 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 Saint Elizabeth Manor, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Saint Elizabeth Manor, Inc. For the year ended June 30, 2024, no awards were passed through to subrecipients.

Title: U.S. Department of Housing and Urban Development loan program Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, Cost Principles for Non-Profit Organizations, and/or 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: Saint Elizabeth Manor, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Saint Elizabeth Manor, Inc. has received mortgage insurance from the U.S. Department of Housing and Urban Development under Section 207 pursuant to Section 223(f) of the National Housing Act. The mortgage balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Saint Elizabeth Manor, Inc. received no additional proceeds during the year. The balance of the outstanding loan insured by HUD at June 30, 2024 consists of: Federal Assistance Listing Number 14.134 Program Name Mortage Insurance - Rental Housing Outstanding Balance at June 30, 2024 $3,910,839