Audit 342625

Title: Summary of Significant Accounting Policies Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of St. Anthony’s Housing Development Fund Co., Inc. (St. Anthony Apartments), 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project. De Minimis Rate Used: N Rate Explanation: N/A 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. St. Anthony’s Housing Development Fund Co., Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.

Title: U.S. Department of Housing and Urban Development Loan Program Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of St. Anthony’s Housing Development Fund Co., Inc. (St. Anthony Apartments), 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project. De Minimis Rate Used: N Rate Explanation: N/A St. Anthony’s Housing Development Fund Co., Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. The balance of the loan outstanding at September 30, 2024 consists of the following loan: Federal Assistance Listing Number 14.155 Section 207/223 Mortgage Insurance Loan for the Purchase or Refinancing of Existing Multifamily Housing Projects $1,783,995.