Title: HUD Insured Mortgage
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 the Uniform Guidance, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Included in the amounts shown on the accompanying Schedule of Expenditures of Federal Awards, are two Section 223(f) loans – Federal Assistance Listing #14.155 payable to the Department of Housing and Urban Development for the benefit of Elmdale Apartments Nonprofit Housing Corporation and Sawkaw, Inc. The mortgages have a combined outstanding balance of $1,555,359 as of December 31, 2023.
Title: Nonmonetary Awards
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 the Uniform Guidance, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Certain of the Organization’s related entities were the recipients of federal loan proceeds under the Continuum of Care Program funded by the Department of Housing and Urban Development (Federal Assistance Listing #14.267) as follows:
Award received by Heartside Nonprofit Housing Corporation for the benefit of KBC Limited Dividend Housing Association Limited Partnership ($150,000 was received in 2006 and $250,000 in 2007, but is subject to continuing compliance requirements over a 20-year period).
Award received by Heartside Nonprofit Housing Corporation for the benefit of Herkimer Commerce Limited Dividend Housing Association Limited Partnership ($50,771 was received in 2012, but is subject to continuing compliance requirements over a 20-year period).
These funds have a combined outstanding balance of $450,771 as of December 31, 2023.
Certain of the Organization’s related entities were the recipients of federal loan proceeds under the HOME Investment Partnerships Program funded by the Department of Housing and Urban Development (Federal Assistance Listing #14.239) as follows:
Awards received by Heartside Nonprofit Housing Corporation for the benefit of the Martineau Project (award passed through MSHDA was received in 2004 but subject to continuing compliance requirements over a 20-year period)
Passed through Michigan State Housing
Development Authority $ 620,000
Award sponsored by Heartside Nonprofit Housing Corporation for the benefit of KBC Limited Dividend Housing Association Limited Partnership (award was received in 2006 but is subject to continuing compliance requirements over a 20-year period).
Passed through Michigan State Housing
Development Authority $ 2,000,000
Award sponsored by Heartside Nonprofit Housing Corporation for the benefit of Bridge Street Limited Dividend Housing Association Limited Partnership (award was received in 2009 but is subject to continuing compliance requirements over a 15-year period).
Passed through City of Grand Rapids $ 415,000
Award sponsored by Heartside Nonprofit Housing Corporation for the benefit of Goodrich Limited Dividend Housing Association Limited Partnership (award was received in 2010 but is subject to continuing compliance requirements over a 15-year period).
Passed through City of Grand Rapids $ 700,000
Award sponsored by Heartside Nonprofit Housing Corporation for the benefit of Herkimer Commerce Limited Dividend Housing Association Limited Partnership (award was received in 2013 and 2014 but is subject to continuing compliance requirements over a 20-year period).
Passed through City of Grand Rapids $ 527,089
Award sponsored by Heartside Nonprofit Housing Corporation for the benefit of Herkimer Apartments Limited Dividend Housing Association Limited Partnership (award was received in 2013 and 2014 but is subject to continuing compliance requirements over a 15-year period).
Passed through Michigan State Housing
Development Authority $ 2,699,950
Award received by LCH36 Limited Dividend Housing Association Limited Partnership (award was received in 2017 but is subject to continuing compliance requirements over a 15-year period).
Passed through City of Grand Rapids $ 300,000
Award received by Pine Avenue Limited Dividend Housing Association Limited Partnership (award was received in 2019 but is subject to continuing compliance requirements over a 15-year period).
Passed through City of Grand Rapids $ 300,000
The federal funds under the HOME Investment Partnerships Program are payable to the Department of Housing and Urban Development. These funds have a combined outstanding balance of $7,562,039 as of December 31, 2023.
Two of the Organization’s related entities were the recipients of federal loan proceeds under the Tax Credit Assistance Program funded by the Department of Housing and Urban Development (Federal Assistance Listing #14.258) as follows:
Award received by Liberty Limited Dividend Housing Association Limited Partnership (award was received in 2010 and 2011 but is subject to continuing compliance requirements over a 50-year period).
Passed through Michigan State Housing
Development Authority $ 2,150,599
Award received by Goodrich Limited Dividend Housing Association Limited Partnership (award was received in 2010 but is subject to continuing compliance requirements for up to a 50-year period).
Passed through Michigan State Housing
Development Authority $ 666,697
One of the Organization’s related entities was the recipient of federal loan proceeds under the Community Development Block Grants/Entitlement Grants Program funded by the Department of Housing and Urban Development (Federal Assistance Listing #14.218) as follows:
Award received by Hall Street Limited Dividend Housing Association Limited Partnership (award was received in 2011 and 2012, and is subject to continuing compliance requirements over a 40-year period).
Passed through Michigan State Housing
Development Authority $ 4,127,849
One of the Organization’s related entities was the recipient of federal loan proceeds under the Neighborhood Stabilization Program funded by the Department of Housing and Urban Development (Federal Assistance Listing #14.256) as follows:
Award received by Hall Street Limited Dividend Housing Association Limited Partnership (award was received in 2011 and 2012, and is subject to continuing compliance requirements over a 15-year period).
Passed through City of Grand Rapids $ 750,000
Title: Program Audits of Related Entities
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 the Uniform Guidance, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In accordance with U.S. Department of Housing and Urban Development requirements, the following entities have been subject to a program-specific compliance audit:
Ferguson Apartments (Ferguson Apartments Limited Divided Housing Association, LLC)
Weston Apartments (44 Ionia Limited Dividend Housing Association Limited Partnership)
Villa Esperanza (Sawkaw, Inc.)
In accordance with Michigan State Housing Development Authority requirements, the following entities have been subject to program-specific compliance audits:
Ferguson Apartments Limited Dividend Housing Association LLC
Goodrich Limited Dividend Housing Association Limited Partnership
Hall Street Limited Dividend Housing Association Limited Partnership
Herkimer Apartments Limited Dividend Housing Association Limited Partnership
KBC Limited Dividend Housing Association Limited Partnership
Liberty Village Limited Dividend Housing Association Limited Partnership
In accordance with U.S. Department of Agriculture and Rural Development requirements, the following entity has been subject to program-specific compliance audits:
Dwelling Place Rural Limited Dividend Housing Association Limited Partnership
Title: Related Entities
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 the Uniform Guidance, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards reports activity for Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities. Dwelling Place of Grand Rapids Nonprofit Housing Corporation includes general programs providing certain programmatic, management and administrative services.
Dwelling Place of Grand Rapids Nonprofit Housing Corporation is related to the following entities either through ownership or common control:
Dwelling Place Foundation
Heartside Nonprofit Housing Corporation
Sheldon-Weston, Inc.
Dwelling Place Regional Community Land Trust
Bridge Street Nonprofit Housing Corporation and Bridge Street Limited Dividend Housing Association Limited Partnership
Elmdale Apartments Nonprofit Housing Corporation
Ferguson Apartments Limited Dividend Housing Association LLC and New Ferguson LLC
Goodrich Nonprofit Housing Corporation and Goodrich Limited Dividend Housing Association Limited Partnership
Grandville-Heartside Nonprofit Housing Corporation and Grandville-Heartside Limited Dividend Housing Association Limited Partnership
HPFH Nonprofit Housing Corporation and HPFH Limited Dividend Housing Association Limited Partnership
Dwelling Place Rural Nonprofit Housing Corporation
Harvest Hill Limited Dividend Housing Association Limited Partnership
Herkimer Apartments Nonprofit Housing Corporation and Herkimer Apartments Limited Dividend Housing Association Limited Partnership
Herkimer Commerce Limited Dividend Housing Association Limited Partnership
Kelsey Nonprofit Housing Corporation and Kelsey Limited Dividend Housing Association Limited Partnership
LCH36 Nonprofit Housing Corporation and LCH36 Limited Dividend Housing Association
Martineau Holdings Limited Dividend Housing Association LLC
Midtown Village (Liberty Nonprofit Housing Corporation) and Liberty Limited Dividend Housing Association Limited Partnership
New Hope Homes Nonprofit Housing Corporation and New Hope Homes Limited Dividend Housing Association Limited Partnership
Pine Avenue Nonprofit Housing Corporation and Pine Avenue Limited Dividend Housing Association Limited Partnership
Plaza Franklin Limited Dividend Housing Association Limited Partnership and DP Franklin LLC
Plaza Grandville Limited Dividend Housing Association Limited Partnership and DP Grandville LLC
Reflections Apartments (Hall Street Nonprofit Housing Corporation) and Hall Street Limited Dividend Housing Association Limited Partnership
Roosevelt Nonprofit Housing Corporation and Roosevelt Limited Dividend Housing Association Limited Partnership
Verne Barry Apartments (KBC Nonprofit Housing Corporation) and KBC Limited Dividend Housing Association Limited Partnership
Villa Esperanza (Sawkaw, Inc.)
West Shore Apartments (Whitehall DP Limited Partnership)
Weston Apartments (44 Ionia Limited Dividend Housing Association Limited Partnership)
White River Estates (Dwelling Place Rural Limited Dividend Housing Association Limited Partnership)
Title: Basis of Accounting
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 the Uniform Guidance, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities 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 Dwelling Place, it is not intended to and does not present the combined balance sheets, changes in net assets, or cash flows of Dwelling Place.