Audit 359800

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. De Minimis Rate Used: N Rate Explanation: TWB Residential Opportunities, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Entity is reimbursed for programmatic and administrative cost in accordance with rules set forth by the Department of Housing and Urban Development. The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of TWB Residential Opportunities I, Inc., HUD Project No. 012-HD087/NY36-Q981-008 (the "Entity"). 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 TWB Residential Opportunities I, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of TWB Residential Opportunities I, Inc.

Title: Department of Housing and Urban Development Capital Advance 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. De Minimis Rate Used: N Rate Explanation: TWB Residential Opportunities, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Entity is reimbursed for programmatic and administrative cost in accordance with rules set forth by the Department of Housing and Urban Development. TWB Residential Opportunities I, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the National Affordable Housing Act. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. TWB Residential Opportunities I, Inc. received no additional advances during the year. The balance of the advance outstanding at December 31, 2024 consists of: Federal Assistance Listing Number - 14.181; Program Name - Supportive Housing for Persons with Disabilities - $995,100