Audit 353718

Title: Basis of Presentation Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting which is described in Note 2 to the financial statements. 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: Indirect Cost Rate Warren Housing Opportunities Corporation, HUD Project No. 031-HD037 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the activity of federal financial assistance program of Warren Housing Opportunities Corporation, HUD Project No. 031-HD037. The information in the 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 Warren Housing Opportunities Corporation, HUD Project No. 031-HD037, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Warren Housing Opportunities, HUD Project No. 031-HD037.

Title: Sub-recipients Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting which is described in Note 2 to the financial statements. 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: Indirect Cost Rate Warren Housing Opportunities Corporation, HUD Project No. 031-HD037 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. No federal awards were provided to sub-recipients.

Title: U.S. Department of Housing and Urban Development Loan Program Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting which is described in Note 2 to the financial statements. 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: Indirect Cost Rate Warren Housing Opportunities Corporation, HUD Project No. 031-HD037 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Warren Housing Opportunities, HUD Project No. 031-HD037 has received a U.S. Department of Housing and Urban Development direct loan under section 811 of the Cranston-Gonzales National Affordable Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The Project received no additional loans during the year. The balance of the loan outstanding at December 31, 2024 is $882,600.

Title: Single Audit Accounting Policies: Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting which is described in Note 2 to the financial statements. 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: Indirect Cost Rate Warren Housing Opportunities Corporation, HUD Project No. 031-HD037 has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Dollar threshold used to distinguish between Type A and type B programs is $750,000 Single Audit requirement is $750,000.