Audit 352255

Title: LOAN AND LOAN GUARANTEE PROGRAMS Accounting Policies: BASIS OF PRESENTATION The above schedule of expenditures of federal and state awards includes the federal grant activity of Older American Housing in Spotswood, Inc. HUD Project No. 031-EE009 (the Project), 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the financial statements. SUBRECIPIENTS During the year ended December 31, 2024, the Project did not provide any funds relating to its federal and state program to subrecipients. De Minimis Rate Used: N Rate Explanation: During the year ended December 31, 2024, the Project did not elect to use the de minimis cost rate when allocating indirect costs to its federal and state program. As of December 31, 2024, $6,249,774 was outstanding on the federal loan program.