Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1. Basis of Presentation-The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of NIPD-NJ under programs of the federal government for the year ended June 30, 2022. 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 NIPD-NJ, it is not intended to and does not present the financial position, change in net assets or cash flows of NIPD-NJ. 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were $830,504.
Title: Reconciliation of Government Grants to Schedule
Accounting Policies: Note 1. Basis of Presentation-The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of NIPD-NJ under programs of the federal government for the year ended June 30, 2022. 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 NIPD-NJ, it is not intended to and does not present the financial position, change in net assets or cash flows of NIPD-NJ. 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 allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Government support and Medicaid revenue per audit $7,840,391 Less:Medicaid revenue (7,372,790)Supportive Housing Connection & COVID-19 supplemental (467,601)revenueAdd:HUD loan passed through NJHMFA reported as a Federal award 830,540Adjusted government grant revenue per audit $830,540Expenses per ScheduleFederal awards $830,504Variance $ -