Audit 354414

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule 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. Meadowood Glen II, Ltd. Project No. 124-EE008-WAH has not elected to use the 15-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Meadowood Glen II, Ltd. Project No. 124-EE008-WAH has not elected to use the 15-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Meadowood Glen II, Ltd. Project No. 124-EE008-WAH, 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 220, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of Meadowood Glen II, Ltd. Project No. 124-EE008-WAH, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Meadowood Glen II, Ltd. Project No. 124-EE008-WAH.

Title: Loan Programs with Continuing Compliance Requirements Accounting Policies: Expenditures reported on the Schedule 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. Meadowood Glen II, Ltd. Project No. 124-EE008-WAH has not elected to use the 15-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Meadowood Glen II, Ltd. Project No. 124-EE008-WAH has not elected to use the 15-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The federal loan program listed subsequently is administered directly by the Government, and balances and transactions relating to the program are included in the Project’s basic financial statements. The outstanding loan is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding at December 31, 2024 is as follows: Assistance Listing Number: 14.157, Program: Supportive Housing for the Elderly (Section 202), Outstanding Blanace at 12/31/2024: $1,104,300