Audit 322918

Title: Note 3 Outstanding Federal Loan Accounting Policies: Note 1 – Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the expenditures on an accrual basis of Housing Opportunities for Women, Inc. (an Illinois not-for-profit corporation) and subsidiaries under programs of the federal government for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the basic consolidated financial statements. For purposes of the Schedule, federal awards include all sub awards to Housing Opportunities for Women, Inc. and subsidiaries by nonfederal organizations pursuant to federal grants, contracts and similar agreements. Note 2 - Summary of Significant Accounting Policies Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards; wherein certain types of expenditures are not allowed. Assistance Listing numbers (“AL No.”) are provided when available. Housing Opportunities for Women, Inc. elected to use the 10% de minimis indirect cost rate. De Minimis Rate Used: Y Rate Explanation: Housing Opportunities for Women, Inc. elected to use the 10% de minimis indirect cost rate. The following represents the amount of the outstanding loan identified by AL No. The loan is provided by HUD and is included in the Schedule. Al No: 14.239; Program Title: Home Investments Partnership Program; Loan Received in 2023: $0; Prior year loan with continuing compliance requirements: $2,491,440; Total outstanding loan: $2,491,440