Audit 366849

Note 1—Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal award activity of Partnership Housing, Inc., under programs of the federal government for the year ended December 31, 2024 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 the Partnership Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Partnership Housing, Inc.

Note 2—Summary of Significant 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 allowed or are limited as to reimbursement. Partnership Housing, Inc. has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance.