Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Corporation’s basic 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect the 10-percent de-minimis indirect cost rate as discussed in 2 CFR 200.414.
The accompanying schedule of expenditures of federal awards presents the activity of all federal 0The 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). All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies is included on the schedule of expenditures of federal awards.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Corporation’s basic 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation 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 Corporation’s financial statements. Expenditures from awards are reported in the Corporation’s financial statements as follows: Rental assistance – Section 8 $983,774
Tenant rent 352,786
Superintendent’s apartment (in-kind) 21,492
Vacancy adjustment (11,703)
Total rental income $ 1,346,349. Section 202 Capital Advance Program
The Corporation, as the Sponsor of the Leonia II Project, has recorded a Section 202 mortgage note in the amount of $3,876,900. The note bears no interest and repayment is not required so long as the housing remains available for very low-income elderly or disabled persons.
Section 542(c) Risk Sharing Program
The Corporation has a mortgage payable to NJHMFA with an outstanding balance of $1,667,956 as of December 31, 2023. The mortgage is payable in monthly installments of $13,847 and matures on January 1, 2039. The outstanding balance of $1,735,250 reported in the accompanying schedule of expenditures of federal awards represents the balance as of January 1, 2023.
Title: RELATIONSHIP TO THE FINANCIAL REPORTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Corporation’s basic 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation did not elect the 10-percent de-minimis indirect cost rate as discussed in 2 CFR 200.414.
Amounts reported in the accompanying schedule agree with amounts reported in the related financial reports.
Title: MAJOR PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Corporation’s basic 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation 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 section.
Title: CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Corporation’s basic 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation 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 Corporation’s grant program for economy, efficiency and program results. However, management does not believe such audits would result in material amounts of disallowed costs.