Title: Non-Cash Expenditures
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of New Community Hudson Housing Corporation (the "Organization") asnd is presented on the accrual basis of accounting. The infirmation in this Schedule is presented in accordance with the requirements of Title 2 U.S. code of Federal Regualtions Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"), Audits of states, Local Governments, and Non-Profit Organizations. 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 Organization has not previously received a negotiated indirect cost rate, nor has it elected to use the 10% de minimis indirect cost rate allowable under Uniform Guidance
The Project was financed by a capital advance from HUD in the amount of $6,395,641. The advance is secured by an enforcement mortgage on the property of the Organization. The mortgage, which matures in August 2038, bears no interest and repayment is not required so long as the housing remains available for very low-income elderly persons or very-low income persons with disabilties. Since the mortgage is not repayable so long as the Organization complies with HUD regulations, the proceeds from the mortgage have been recorded as net assets with donor restrictions. Upon maturity, the Organization will release this amount from net assets with donor restrictions. The outstanding balance of the capital advance was $6,395,641 at each of the years ended December 31, 2023 and 2022.
Title: Subrecipients
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of New Community Hudson Housing Corporation (the "Organization") asnd is presented on the accrual basis of accounting. The infirmation in this Schedule is presented in accordance with the requirements of Title 2 U.S. code of Federal Regualtions Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"), Audits of states, Local Governments, and Non-Profit Organizations. 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 Organization has not previously received a negotiated indirect cost rate, nor has it elected to use the 10% de minimis indirect cost rate allowable under Uniform Guidance
There were no subrecipients present for the year ended December 31, 2023.
Title: Basis of Presentation
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of New Community Hudson Housing Corporation (the "Organization") asnd is presented on the accrual basis of accounting. The infirmation in this Schedule is presented in accordance with the requirements of Title 2 U.S. code of Federal Regualtions Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"), Audits of states, Local Governments, and Non-Profit Organizations. 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 Organization has not previously received a negotiated indirect cost rate, nor has it elected to use the 10% de minimis indirect cost rate allowable under Uniform Guidance
The accompanying schedule of expenditures of federal awards the “Schedule”) includes the federal grant activity of New Community Hudson Senior Housing Corporation (the “Organization”) and is presented on the accrual basis of accounting. 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”), Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Indirect Costs
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of New Community Hudson Housing Corporation (the "Organization") asnd is presented on the accrual basis of accounting. The infirmation in this Schedule is presented in accordance with the requirements of Title 2 U.S. code of Federal Regualtions Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance"), Audits of states, Local Governments, and Non-Profit Organizations. 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 Organization has not previously received a negotiated indirect cost rate, nor has it elected to use the 10% de minimis indirect cost rate allowable under Uniform Guidance
The Organization has not previously received a negotiated indirect cost rate, nor has it elected to use the 10% de minimis indirect cost rate allowable under Uniform Guidance.