Audit 40796

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity of ManorHouse Cooperative, Inc. and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, 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 ManorHouse Cooperative, Inc., it is not intended to and does not present the financial position, changes in netassets, or cash flows of Manor House Cooperative, Inc.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Manor House Cooperative, Inc. haselected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAMManor House Cooperative, Inc. has received a U.S. Department of Housing and Urban Developmentinsured loan under 223(f) of the National Housing Act. The loan balance outstanding at the beginning ofthe year is included in the federal expenditures presented in the Schedule. Manor House Cooperative, Inc.received no additional loans during the year. The balance of the loan outstanding at December 31, 2022consists of:Outstanding BalanceCFDA Number Program Name at December 31, 202214.155 Mortgage Insurance for the Purchaseor Refinancing of Existing MultifamilyHousing Projects $ 1,974,134 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1974134.