Audit 353303

Title: BASIS OF PRESENTATION Accounting Policies: SEE NOTE De Minimis Rate Used: N Rate Explanation: SEE NOTE Note 1: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Missouri Valley Housing Corporation 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 Missouri Valley Housing Corporation, it is not intended to and does not present financial position, changes in financial position or cash flows of Missouri Valley Corporation.

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: SEE NOTE De Minimis Rate Used: N Rate Explanation: SEE NOTE Note 2: Summary of Significant Accounting Policies – Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Missouri Valley Housing Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.