Notes to SEFA
Title: NOTE 1- BASIS OF PRESENTATION
Accounting Policies: Accrual
De Minimis Rate Used: Y
Rate Explanation: The Housing Company has elected to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the “Schedule”) includes the federal award activity of the Lena and David T. Wilentz Senior Residence, Inc. (“the Housing Company”) 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) and New Jersey OMB Circular 15-08. Because the Schedule presents only a selected portion of the operations of the Housing Company, it is not intended to and does not present the financial position, changes accumulated deficit, or cash flows of the Housing Company.
Title: NOTE 2 – Significant Accounting Policy
Accounting Policies: Accrual
De Minimis Rate Used: Y
Rate Explanation: The Housing Company has elected to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
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.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: Accrual
De Minimis Rate Used: Y
Rate Explanation: The Housing Company has elected to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Housing Company has elected to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 4 – FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE
Accounting Policies: Accrual
De Minimis Rate Used: Y
Rate Explanation: The Housing Company has elected to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Housing Company receives federal funding from the United States Department of Housing and Urban Development through two HUD grants. In accordance with HUD regulations, HUD considers the Annual Budget Authority for the Housing Choice Voucher Program, ALN No. 14.195, to be considered an expenditure for the purposes of this Schedule. Therefore, the amount in this Schedule is the total amount received directly from HUD. The Housing Company also receives state funding through the New Jersey Division of Aging Services for the Congregate Housing Services Program.
Title: NOTE 5 – SUBRECIPIENTS
Accounting Policies: Accrual
De Minimis Rate Used: Y
Rate Explanation: The Housing Company has elected to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
During the year ended December 31, 2023, the Housing Company had no subrecipients.
Title: NOTE 6 – NONCASH ASSISTANCE AND OTHER
Accounting Policies: Accrual
De Minimis Rate Used: Y
Rate Explanation: The Housing Company has elected to use the ten-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Housing Company did not receive any noncash assistance, federal loans, or federally funded insurance during the year ended December 31, 2023.