Title: CONTINGENCIES
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state and county financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organizations basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey OMBs Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Each of the grantor agencies reserves the right to conduct additional audits of the Organizations grant program for economy, efficiency and program results. However, the Organizations administration does not believe such audits would result in material amounts of disallowed costs.
Title: MAJOR PROGRAMS
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state and county financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organizations basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey OMBs Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Major programs are identified in the Summary of Auditors Results section of the Schedule of Findings and Questioned Costs.
Title: CAPITAL FUNDING
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state and county financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organizations basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey OMBs Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
LOWER INCOME HOUSING ASSISTANCE PROGRAM_SECTION 8 MODERATE REHABILITATION (14.856) - Balances outstanding at the end of the audit period were 598481. SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 738000.
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state and county financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organizations basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey OMBs Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedules of expenditures of federal awards and state and county financial assistance presents the activity of all federal awards and state and county financial assistance programs of The Arc of Monmouth, Inc. and Subsidiaries. The Organization is defined in Note 1 of the basic consolidated financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMBs Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. All federal awards and state and county financial assistance received directly from federal, state and county agencies, as well as federal awards and state and county financial assistance passed through other government agencies, is included on the consolidated schedules of expenditures of federal awards and state and county financial assistance.
Title: RELATIONSHIP TO BASIC CONSOLIDATED FINANCIAL STATEMENTS
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state and county financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organizations basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey OMBs Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedules agree with amounts reported in the related financial reports. Awards and financial assistance revenues are reported in the Organizations basic consolidated financial statements as presented as follows: Rental revenue HUD group homes $ 585,175Capital advances (see Note 7) 738,000Mortgages payable (see Note 7) 506,985State financial assistance 2,638,818County financial assistance 101,000Total grants $ 4,569,978
Title: RELATIONSHIP TO FEDERAL, STATE AND COUNTY FINANCIAL REPORTS
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state and county financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organizations basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey OMBs Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal, state and county financial reports.