Audit 330231

Title: Note 1 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement De Minimis Rate Used: N Rate Explanation: Taino Towers has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Taino Towers under programs of the federal government for the year ended February 29, 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 Taino Towers, it is not intended to and does not present the financial position, changes in net assets or cash flows of Taino Towers.

Title: Note 2 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement De Minimis Rate Used: N Rate Explanation: Taino Towers has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement

Title: Note 3 Indirect cost rate 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement De Minimis Rate Used: N Rate Explanation: Taino Towers has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Taino Towers has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.

Title: Note 4 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement De Minimis Rate Used: N Rate Explanation: Taino Towers has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. No federal expenditures presented in this schedule were provided to subrecipients

Title: Note 5 Loan outstanding 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement De Minimis Rate Used: N Rate Explanation: Taino Towers has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Taino Towers has U.S. Department of Housing and Urban Development two direct loans under Section 236 of the National Housing Act. The loans balances outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. Taino Towers received no additional loans during the year. The balance of the loans outstanding at February 29, 2024 consists of: Federal Assistance Listing Number Program name Outstanding balances at 02/29/24 14.103 Interest reduction payments rental and cooperative housing for lower income families $ 36,384,775