Audit 350367

Title: NOTE 1: BASIS OF PRESENTATION Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 2 to the Organization’s financial statements. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization includes a Section 202 Capital Advance received in a prior year in the schedule of expenditures of federal awards. The Capital Advance will be converted to a loan if the low-income housing rental requirements are not met for forty years. De Minimis Rate Used: N Rate Explanation: The Organization 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 Ridgeview Village, Inc. (the “Organization”) under programs of the federal government for the year ended December 31, 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 the Organization, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Organization.

Title: NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 2 to the Organization’s financial statements. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization includes a Section 202 Capital Advance received in a prior year in the schedule of expenditures of federal awards. The Capital Advance will be converted to a loan if the low-income housing rental requirements are not met for forty years. De Minimis Rate Used: N Rate Explanation: The Organization 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, which is described in Note 2 to the Organization’s financial statements. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization includes a Section 202 Capital Advance received in a prior year in the schedule of expenditures of federal awards. The Capital Advance will be converted to a loan if the low-income housing rental requirements are not met for forty years.

Title: NOTE 3: INDIRECT COST RATE Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 2 to the Organization’s financial statements. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Organization includes a Section 202 Capital Advance received in a prior year in the schedule of expenditures of federal awards. The Capital Advance will be converted to a loan if the low-income housing rental requirements are not met for forty years. De Minimis Rate Used: N Rate Explanation: The Organization elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Organization elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.