Audit 364934

Title: Basis of Presentation Accounting Policies: Significant Accounting Policies: (a)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. (b) Fairview park Senior Apartment Corporation has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance. (c) The outstanding balance of loan and loan guarantee programs at May 31, 2025 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was as follows: First Mortgage; 875,633, Mortgage restructuring note; 1,314,230, Contingent repayment note; 1,263,288. Total $3,453,151. (d)There were no sub-recipients for the year ended May 31, 2025. De Minimis Rate Used: N Rate Explanation: Fairview park Senior Apartment Corporation has elected not to use the 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 Fairview Park Senior Apartment Corporation, HUD Project No. 042-11326, under programs of the federal government for the year ended May 31, 2025. 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 selection portion of the operations of Fairview Park Senior Apartment Corporation, it is not intended to and does not present the financial position, change in net assets, or cash flows.