Audit 325071

Title: 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 are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Cloverfield-Kingston House has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Cloverfield-Kingston House, HUD Project No. 034-11133/PA26-T781-002, 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 Cloverfield-Kingston House, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Cloverfield-Kingston House.

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 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: Cloverfield-Kingston House has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Cloverfield-Kingston House has received a loan under a U.S. Department of Housing and Urban Development program. The outstanding loan balance at the beginning of the year is included in federal expenditures presented in the Schedule. Cloverfield-Kingston House received no additional loans during the year. The outstanding loan balances at June 30, 2024 consists of: Assistance Listing Number, 14.155; Program Name, Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects; Outstanding Balance, $3,878,152.

Title: SUBRECIPIENTS 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. De Minimis Rate Used: N Rate Explanation: Cloverfield-Kingston House has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Cloverfield-Kingston House did not pass any amounts to subrecipients during the year ended June 30, 2024.