Audit 365517

Title: Scope of Audit Pursuant to the Uniform Guidance Accounting Policies: The Organization reports to HUD using the accrual basis of accounting. A complete description of the basis of accounting is included in note 1 to those financial statements. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of the Organization. All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies or other entities are included in the Schedule. The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.

Title: Basis of Presentation Accounting Policies: The Organization reports to HUD using the accrual basis of accounting. A complete description of the basis of accounting is included in note 1 to those financial statements. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of the Organization. All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies or other entities are included in the Schedule. The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.

Title: Contingencies Accounting Policies: The Organization reports to HUD using the accrual basis of accounting. A complete description of the basis of accounting is included in note 1 to those financial statements. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of the Organization. All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies or other entities are included in the Schedule. The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.

Title: Federally Funded and Insured Mortgages Accounting Policies: The Organization reports to HUD using the accrual basis of accounting. A complete description of the basis of accounting is included in note 1 to those financial statements. De Minimis Rate Used: N Rate Explanation: The Organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The mortgage balance at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of the outstanding federally insured mortgage at December 31, 2024 is $1,725,900.