Audit 325203

Title: Loan/loan guarantee outstanding balance Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Caritas Villa (the Organization) 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 operation of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization. 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 OMB Circular A-122 and Uniform Guidance. The Organization elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance; however, the agreements with HUD do not include indirect cost reimbursement, so there were no indirect costs charged to the federal award programs for the year ended June 30, 2024. De Minimis Rate Used: Y Rate Explanation: The Organization elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance; however, the agreements with HUD do not include indirect cost reimbursement, so there were no indirect costs charged to the federal award programs for the year ended June 30, 2024. Mortgage insurance for the purchase or refinancing of existing multi-family housing projects (14.155)- balance outstanding at the end of audit period was $1,416,218.