Audit 352976

Title: Basis of Presentation Accounting Policies: Expenditures for Section 8 Housing Assistance Payments Program are reported on the accrual basis of accounting. 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. De Minimis Rate Used: N Rate Explanation: The Cooperative does not charge indirect costs to its Federal programs The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Warren Gardens Housing Cooperative Company, Inc. (the Cooperative) 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Cooperative, it is not intended to and does not present the financial position, results of operations, or cash flows of the Cooperative.

Title: Summary of Significant Accounting Policy Accounting Policies: Expenditures for Section 8 Housing Assistance Payments Program are reported on the accrual basis of accounting. 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. De Minimis Rate Used: N Rate Explanation: The Cooperative does not charge indirect costs to its Federal programs Expenditures for Section 8 Housing Assistance Payments Program are reported on the accrual basis of accounting. 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.

Title: Summary of Significant Accounting Policy Accounting Policies: Expenditures for Section 8 Housing Assistance Payments Program are reported on the accrual basis of accounting. 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. De Minimis Rate Used: N Rate Explanation: The Cooperative does not charge indirect costs to its Federal programs Expenditures for the Mortgage Insurance - Cooperative Projects and the Flexible Subsidy Loan Programs are reported based on the outstanding principal of the respective loans at January 1, 2024.

Title: Summary of Significant Accounting Policy Accounting Policies: Expenditures for Section 8 Housing Assistance Payments Program are reported on the accrual basis of accounting. 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. De Minimis Rate Used: N Rate Explanation: The Cooperative does not charge indirect costs to its Federal programs The Organization has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Cooperative does not charge indirect costs to its Federal programs.

Title: Loan Program Accounting Policies: Expenditures for Section 8 Housing Assistance Payments Program are reported on the accrual basis of accounting. 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. De Minimis Rate Used: N Rate Explanation: The Cooperative does not charge indirect costs to its Federal programs The outstanding loan balance of the US Department of Housing and Urban Development’s Flexible Subsidy loan is included on the Schedule as the loan has continuing compliance requirements. The outstanding loan balance at December 31, 2024 is $2,694,966. Accrued interest on the Flexible Subsidy Loan totaled $169,007 at December 31, 2024. The Flexible Subsidy loan program does not have a Catalogue of Federal Domestic Assistance (CFDA) number, and as such, is being reported within the Mortgage Insurance - Cooperative Projects program consistent with the Uniform Guidance.

Title: Subrecipients Accounting Policies: Expenditures for Section 8 Housing Assistance Payments Program are reported on the accrual basis of accounting. 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. De Minimis Rate Used: N Rate Explanation: The Cooperative does not charge indirect costs to its Federal programs There were no Federal awards passed through to subrecipients by the Cooperative during 2024.