Audit 358240

Title: Basis of Presentation Accounting Policies: (1) 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. (2) Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: Center City Housing Corp. 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) includes the federal grant activity of Center City Housing Corp. and affiliates under programs of the federal government for the year ended September 30, 2023. This schedule includes wholly owned entities, and excludes the consolidated investments that are not wholly owned by Center City Housing Corp. consisting of CC San Marco, LLC; Center City Windwood Partners LP; MPA Limited Partners II Limited Partnership; Hillside Apartments Duluth, LLLP; Rochester Youth and Families, LLLP; Gateway Properties, LLLP; Park Place of Bemidji, LLLP; Garfield Square, LLLP; and Cahill Place, LLLP. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Center City Housing Corp. and affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Center City Housing Corp. and affiliates.

Title: Refundable Advances Accounting Policies: (1) 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. (2) Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: Center City Housing Corp. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Federal expenditures for the Home Investment Partnerships includes $291,508 of new advances made or received during the year plus the balance at the beginning of the year of advances from previous years for which the grantor imposes continuing compliance requirements. The balance of the loans outstanding as of September 30, 2024 is $691,508.