Audit 8400

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. De Minimis Rate Used: Y Rate Explanation: The Company has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of Presidential Place, Inc., HUD Project No. 016-EE-027, under programs of the federal government for the year ended June 30, 2023. 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 Presidential Place, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Presidential Place, Inc. For the year ended June 30, 2023, no awards were passed through to sub recipients.

Title: U.S. Department of Housing and Urban Development loan program 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. De Minimis Rate Used: Y Rate Explanation: The Company has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Presidential Place, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Presidential Place, Inc. received no additional loans during the year. The balance of the loan outstanding at June 30, 2023 consists of: Outstanding Balance at June 30, 2023 14.157 Section 202 Capital $4,403,000