Audit 324230

Title: 1. BASIS OF PRESENTATION Accounting Policies: 2. SUMMARY OF SIGNIFICANT 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 are limited as to reimbursement. The Corporation has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: See Summary of Significant Accounting Policies note above. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of CSP Kehillah Housing (the “Corporation”) and is presented on the accrual basis of accounting. 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of CSP Kehillah Housing, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.

Title: 3. U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM Accounting Policies: 2. SUMMARY OF SIGNIFICANT 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 are limited as to reimbursement. The Corporation has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: See Summary of Significant Accounting Policies note above. The Corporation has received loans funded by programs of U.S. Department of Housing and Urban Development. The loan balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Such balances have been included as net assets with donor restrictions in the financial statements of the Corporation as of June 30, 2024 since the likelihood of repayment is remote. The Corporation received no additional loans during the year ended June 30, 2024. The balance of the loans outstanding at June 30, 2024 consists of: CFDA Number Program Name Outstanding Balance 14.181 Supportive Housing for Persons with Disabilities (Section 811) $1,878,600 14.218 Community Development Block Grant 275,000 Total $2,153,600