Audit 352964

Title: INDIRECT COSTS Accounting Policies: BASIS OF PRESENTATION The schedule of expenditures of federal awards includes the federal grant activity of HUD Project No. 031-EE074 of Myers Senior Residence, Inc. (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 their federal programs 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 programs. 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 programs.

Title: LOAN AND LOAN GUARANTEE PROGRAMS Accounting Policies: BASIS OF PRESENTATION The schedule of expenditures of federal awards includes the federal grant activity of HUD Project No. 031-EE074 of Myers Senior Residence, Inc. (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 their federal programs 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 programs. As of December 31, 2024, there is $8,799,100 and $400,000 outstanding on the HUD capital advance and loan passed through from Domus Corporation, $640,634 and $300,000 outstanding on two Home Investment Partnerships Program loans through the county of Union, and $170,000 outstanding on a loan passed through New Jersey Department of Community Affairs.