Audit 364086

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. Pass-through entity identifying numbers are presented when available. De Minimis Rate Used: N Rate Explanation: Mutual Housing Association of South Central Connecticut, Inc. has not elected to use the 10% 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 Mutual Housing Association of South Central Connecticut, Inc. and Affiliates under various 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 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 Mutual Housing Association of South Central Connecticut, Inc. and Affiliates, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mutual Housing Association of South Central Connecticut, Inc. and Affiliates.

Title: Loan Programs 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. Pass-through entity identifying numbers are presented when available. De Minimis Rate Used: N Rate Explanation: Mutual Housing Association of South Central Connecticut, Inc. has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. In accordance with the Uniform Guidance, the notes to the Schedule shall include loans and loan activities. The following is a summary of the various loan program activity for the year ended December 31, 2024: Issue Interest Original Beginning Ending Date Rate Amount Balance Issued Retired Balance HOME Investment Partnerships Program (FAL# 14.239) Hill Housing 9/16/13 3% 700,000 700,000 $ - $ - $ 700,000 Waterbury Community Investments 9/29/2017 0% 500,000 441,213 - - 441,213 Woodruff 3/10/2022 0% 100,000 50,000 50,000 - 100,000