Audit 347420

Title: Loan/loan guarantee outstanding balances Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs of Royal Gardens Housing Development Fund Company, Inc., Project No. 014-11178. The schedule includes expenditures of federal programs received directly from federal agencies. The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting and 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). De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE FOR THE PURPOSE OF REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 3029704.

Title: General Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs of Royal Gardens Housing Development Fund Company, Inc., Project No. 014-11178. The schedule includes expenditures of federal programs received directly from federal agencies. The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting and 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). De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying schedule of expenditures of federal awards presents the activity of federal award programs of Royal Gardens Housing Development Fund Company, Inc., Project No. 014-11178. The schedule includes expenditures of federal programs received directly from federal agencies. Indirect costs may be included in the reported expenditures to the extent that they are included in the federal financial reports used as the source for the data presented. The Organization has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Matching costs (the Organization’s share of certain program costs) are not included in the reported expenditures.

Title: Basis of Accounting Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of federal award programs of Royal Gardens Housing Development Fund Company, Inc., Project No. 014-11178. The schedule includes expenditures of federal programs received directly from federal agencies. The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting and 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). De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting and 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).