Audit 353515

Accounting Policies: Basis of Presentation This schedule of expenditures of federal awards includes the federal grant activity of Loretto Apartments at O’Brien Road Housing Development Fund Company, Inc. (O’Brien Road Senior Apartments 2), HUD Project No. 014-EE287/NY06-S101-004 (the Corporation), 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. Capital Advance The Corporation obtained from HUD a capital advance for the construction of its facilities. The outstanding balance of this capital advance at December 31, 2024 was $3,355,400. Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.