Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s 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 (Uniform Guidance) and New Jersey OMB’s 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 Organization did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal awards and state financial assistance programs of The Arc of Atlantic County, Inc. and Affiliates. The Organization is defined in Note 1 of the 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 (Uniform Guidance) and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. All federal awards and state financial assistance received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies, are included on the consolidated schedules of expenditures of federal awards and state financial assistance.
Title: RELATIONSHIP TO BASIC CONSOLIDATED FINANCIAL STATEMENTS
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s 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 (Uniform Guidance) and New Jersey OMB’s 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 Organization did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
Amounts reported in the accompanying schedules agree with amounts reported in the related financial reports. Awards and financial assistance revenues are reported in the Organization’s basic consolidated financial statements and presented as follows: Reconciliation of cash expernditures: Federal cash expenditures:$139,003, Total rental assistance payments: $139,001. State Cash expenditures: $53,485, Total state of NJ grants: $53,485. Reconciliation of non-cash expenditures: Federal non-cash expenditures-debt obligations: $251,573, Federal non-cash expenditures-restricted mortgages: $3,721,200, State non-cash expenditures-restricted mortgages: $883,040, Local restricted mortgages: $270,000, Total restricted mortages: $4,874,240
Title: RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s 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 (Uniform Guidance) and New Jersey OMB’s 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 Organization did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
Amounts reported in the accompanying schedules agree with the amounts reported in the related financial reports.
Title: MAJOR PROGRAMS
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s 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 (Uniform Guidance) and New Jersey OMB’s 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 Organization did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
Major programs are identified in the Schedule of Findings and Questioned Costs.
Title: CONTINGENCIES
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s 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 (Uniform Guidance) and New Jersey OMB’s 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 Organization did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
Each of the grantor agencies reserves the right to conduct additional audits of the Organization’s grant program for economy, efficiency and program results. However, the Organization’s administration does not believe such audits would result in material amounts of disallowed costs
Title: FEDERAL AND STATE LOANS OUTSTANDING
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s 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 (Uniform Guidance) and New Jersey OMB’s 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 Organization did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
The below table represents the balances outstanding on mortgages and capital advances with U.S. Department of Housing and Urban Development as of June 30, 2023: Residential alternatives-Atlantic, Inc.: $251,573, Village Housing, Inc: $521,500, Harding Housing, Inc: $337,100, Atlantic County Homes: $1,091,300, CHT Vision, Inc: $1,771,300, Total U.S. department of Housing and Urban Development Federal loans outstanding. The below table represents the balances outstanding on mortgages and capital advances with NJ Department of Human Services as of June 30, 2023: Atlantic County Homes: $68,800, CHT Vision, Inc.: $76,770, Total NJ Department of Human Services State loans outstanding: $145,570. The below table represents the balances outstanding on mortgages and capital advances with NJ Department of Community Affairs as of June 30, 2023: Atlantic County Homes: $368,862, The Arc of Altantic County Inc: $368,608, Total NJ Department of Community Affairs State loands outstanding: $737,470.