Title: Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Organizations" and/or 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: TG 305, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
award activity of TG 305, Inc., HUD Project No. 115-35464, under programs of the federal
government for the year ended December 31, 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
TG 305, Inc., it is not intended to and does not present the financial position, changes in net assets,
or cash flows of TG 305, Inc. For the year ended December 31, 2023, no awards were passedthrough
to subreceipts.
Title: Mark-to-market program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Organizations" and/or 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: TG 305, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The Mark-to-Market program consists of a mortgage restructuring note. The following schedule
reconciles expenditures per the Schedule to the note payable reported in the financial statements:
Federal
assistance listing
number Program name
Outstanding loan
balance at
December 31,
2023
14.197
HUD Multi-Family Assisted Housing Reform &
Affordability Act market-to-market program, mortgage
restructuring note $ 638,110
Less: unamortized discount (237,345)
Estimated Net Present Value of the Note Payable $ 400,765
Title: United States 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, as applicable, the cost principles contained in OMB Circular
A-122, "Cost Principles for Non-Profit Organizations" and/or 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: TG 305, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
The Corporation has received a United States Department of Housing and Urban Development
direct loan under Section 223(a)(7) of the National Housing Act. The loan balance outstanding at
the end of the year is included in the federal expenditure presented in the above Schedule. The
Corporation received no additional loans during the year. The balance of the loan outstanding at
December 31, 2023 consists of:
Federal
assistance listing
number Program name
Outstanding loan
balance at
December 31,
2023
14.135
Mortgage Insurance Rental and Cooperative Housing
for Moderate Income Families and Elderly, Market
Interest Rate - Section 223(a)(7) $ 363,812