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 304, 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
grant award activity of TG 304, Inc., 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 304, Inc., it is not
intended to and does not present the financial position, changes in net assets, or cash flows of TG
304, Inc. For the year ended December 31, 2023, no awards were passed-through to subrecipients.
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 304, 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 and a contingent repayment
note. The following schedules reconcile expenditures per the Schedule to the other mortgages
payable reported in the financial statements at December 31, 2023.
Federal Assistance
Listing Number Program Name
Outstanding
Loan Balance at
December 31,
2023
14.197 HUD Mutli-Family Assisted Housing Reform &
Affordability Act mark-to-market program, mortgage
restructing note $ 252,841
Less: discount (145,756)
Estimated Net Present Value of the Note Payable $ 107,085
Federal Assistance
Listing Number Program Name
Outstanding
Loan Balance at
December 31,
2023
14.197 HUD Mutli-Family Assisted Housing Reform &
Affordability Act mark-to-market program, contingent
restructing note $ 483,196
Less: discount (227,291)
Estimated Net Present Value of the Note Payable $ 255,905
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 304, 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) $ 201,975