Audit 323612

Title: Note A - Basis of Presentation Accounting Policies: 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 limited as to reimbursement. Corinna Housing Corporation, d/b/a Sunshine Village Apartments, USDA RD Project No. 23-020-271523253 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Corinna Housing Corporation, d/b/a Sunshine Village Apartments, USDA RD Project No. 23-020-271523253, 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 selected portion of the operations of Corinna Housing Corporation, d/b/a Sunshine Village Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Corinna Housing Corporation, d/b/a Sunshine Village Apartments.

Title: NOTE B – Summary of Significant Accounting Policies Accounting Policies: 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 limited as to reimbursement. Corinna Housing Corporation, d/b/a Sunshine Village Apartments, USDA RD Project No. 23-020-271523253 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. 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 limited as to reimbursement. Corinna Housing Corporation, d/b/a Sunshine Village Apartments, USDA RD Project No. 23-020-271523253 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.

Title: NOTE C – Rural Rental Housing Loans Accounting Policies: 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 limited as to reimbursement. Corinna Housing Corporation, d/b/a Sunshine Village Apartments, USDA RD Project No. 23-020-271523253 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The rural rental housing loan programs listed subsequently are administered directly by Corinna Housing Corporation, d/b/a Sunshine Village Apartments, USDA RD Project No. 23-020-271523253, and balances and transactions relating to these programs are included in Corinna Housing Corporation, d/b/a Sunshine Village Apartments, USDA RD Project No. 23-020-271523253 basic financial statements. Loans outstanding at the beginning of year and loans made during the year are included in the federal expenditures presented in the Schedule. The balances of loans outstanding at December 31, 2023 was $794,689.