Title: Note 1 - 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 the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Harry and Jeanette Weinberg Gardens at Bedford, 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 The Harry and Jeanette Weinberg House, Inc. HUD Project No. 052-EE015, under
programs of the federal government for the year ended June 30, 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 The Harry and Jeanette Weinberg House, Inc., it is not
intended to and does not present the financial position, changes in net assets, or cash flows of The
Harry and Jeanette Weinberg House, Inc.
Title: Note 2 - Summary of significant accounting policies
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 the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Harry and Jeanette Weinberg Gardens at Bedford, Inc. has elected not to use the 10-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, as applicable, 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: 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 the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Harry and Jeanette Weinberg Gardens at Bedford, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Harry and Jeanette Weinberg Gardens at Bedford, Inc. has elected not to use the 10-percent
de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 4 - U.S. Department of Housing and Urban Development capital advance 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 the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Harry and Jeanette Weinberg Gardens at Bedford, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization entered into a capital advance agreement with HUD to assist in financing the
Organization under Section 202 of the National Housing Act in the amount of $7,420,800. The
capital advance is secured by a mortgage on the property and was recorded as grant revenue in
prior years. The entire amount of the capital advance is included in federal expenditures presented
in the Schedule. The Organization received no additional advances during the year.
The capital advance does not bear interest and is not required to be repaid as long as the housing
remains available to eligible low-income elderly persons for at least 40 years. Failure to keep the
housing available for low-income elderly persons or other instances of default under the terms of
the mortgage, capital advance agreement or regulatory agreement could cause the entire amount
of the capital advance to be immediately payable, including interest from the date of the first
advance. The capital advance restrictions expire in 2035. The restrictions on this grant are being
released as net assets without donor restrictions on a straight-line basis over its term. See below for
a reconciliation between the original capital advance and the amount shown as net assets with
donor restrictions as of June 30, 2023 on the statement of financial position: