Audit 360279

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. Passthrough entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The Corporation has not elected to use the 10% de minimis indirect cost rate. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal financial assistance programs of Pinegrove Development Corporation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal financial assistance programs of Pinegrove Development Corporation (the Corporation), HUD Project No. 024-EE065-WAH. Financial assistance received directly from federal agencies is included in the Schedule. 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 Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a portion of the operations of the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.

Title: 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. Passthrough entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The Corporation has not elected to use the 10% de minimis indirect cost rate. The Supportive Housing for the Elderly program expenditures include an outstanding capital advance of $3,358,900 at March 31, 2025.