Notes to SEFA
Title: Note 3. – Federally Funded and Insured Mortgages
Accounting Policies: Note 1. – Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Martin De Porres Village, Inc. NJHMFA Project No. 714 1 Green Street under programs of the federal government for the year ended December 31, 2023. The information on this Schedule is prepared 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 Martin De Porres Village, Inc. NJHMFA Project No. 7141 Green Street, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Martin De Porres Village, Inc. NJHMFA Project No. 714.1 Green Street. Note 2. – Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement. During the year ended December 31, 2023, The Project did not provide any funds relating to their federal programs to subrecipients. The Project has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of December 31, 2023 there were no outstanding loans or loan guarantee programs for the Project.