Audit 356409

Title: Note 1 - Nature of Operations 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, Cost Principles for Non-Profit Organizations wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Neighborhood Stabilization Corporation, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Neighborhood Stabilization Corporation, Inc. (“NSC” or “the Organization”) was incorporated on October 17, 1994 and is a non-profit organization exempt from tax under Section 501(c)(4) of the Internal Revenue Code. Its mission is to stabilize communities affected by foreclosures and abandonment by acquiring, rehabilitating, and reselling or redeveloping foreclosed properties. NSC provides comprehensive counseling primarily to low and moderate income homebuyers and individuals and homeowners with an unaffordable mortgage. NSC also serves to promote neighborhood stabilization initiatives as well as addressing other issues of economic justice and financial exploitation of primarily low and moderate income individuals and communities. NSC's principal source of revenue and support is derived from federal award counseling fees.

Title: Note 2 - 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, Cost Principles for Non-Profit Organizations wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Neighborhood Stabilization Corporation, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Neighborhood Stabilization Corporation, Inc. under programs of the federal government for the year ended December 31, 2024. 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Neighborhood Stabilization Corporation, Inc., it is not intended to and does not present the financial position, changes in net assets or cash flows of Neighborhood Stabilization Corporation, Inc.