Audit 353841

Title: GENERAL Accounting Policies: The accompanying schedule is presented using the accrual basis of accounting and is presented in accordance with accounting principles generally accepted in the United States used by the Company to report to the federal government. 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: Y Rate Explanation: The Company has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the schedule) presents the activity of all federal awards programs of Lutheran Housing Development Fund Corporation of Long Island, Project No. 012-11272 (the Company) under programs of the federal government for the year ended December 31, 2024. Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included in the schedule. 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 the Company, it is not intended to and does not present the financial position, change in net deficit, or cash flows of the Company.

Title: BASIS OF ACCOUNTING Accounting Policies: The accompanying schedule is presented using the accrual basis of accounting and is presented in accordance with accounting principles generally accepted in the United States used by the Company to report to the federal government. 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: Y Rate Explanation: The Company has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule is presented using the accrual basis of accounting and is presented in accordance with accounting principles generally accepted in the United States used by the Company to report to the federal government. 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: INDIRECT COST RATES Accounting Policies: The accompanying schedule is presented using the accrual basis of accounting and is presented in accordance with accounting principles generally accepted in the United States used by the Company to report to the federal government. 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: Y Rate Explanation: The Company has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Company has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.

Title: SUB-RECIPIENTS Accounting Policies: The accompanying schedule is presented using the accrual basis of accounting and is presented in accordance with accounting principles generally accepted in the United States used by the Company to report to the federal government. 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: Y Rate Explanation: The Company has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Of the federal expenditures presented in the schedule of federal awards, the Company provided no federal awards to sub-recipients.

Title: MORTGAGE PAYABLE Accounting Policies: The accompanying schedule is presented using the accrual basis of accounting and is presented in accordance with accounting principles generally accepted in the United States used by the Company to report to the federal government. 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: Y Rate Explanation: The Company has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Company has a mortgage with a bank in the amount of $6,204,600 at an interest rate of 2.97%. The final payment on this mortgage is due May 1, 2040. The mortgage is insured by the Federal Housing Administration (FHA), an organizational unit of the United States Department of Housing and Urban Development (HUD). The outstanding balance on the mortgage at December 31, 2024 was approximately $4,053,400.