Title: Note 1 Basis of Presentation
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Human Services Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The organization has a federally negotiated indirect rate.
The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") include the federal award and state financial activity of the Organization under programs of the federal and state government for the year ended December 31, 2023. The information in these Schedules 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 State of New Jersey, Circular Letter 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid (the "Circular"). Because the Schedules present only a selected portion of the operations of the Organization, they are not intended to and do not present the financial position, change in net assets or cash flows of the Organization.
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Human Services Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The organization has a federally negotiated indirect rate.
Expenditures reported on the Schedules are reported on the accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform
Guidance and the State of New Jersey, Department of Human Services Cost Reimbursement
Manual, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
Title: Noted 3 Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Human Services Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The organization has a federally negotiated indirect rate.
The Organization has a federally negotiated indirect cost rate.
Title: Noted 4 Loan Outstanding
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Human Services Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The organization has a federally negotiated indirect rate.
Rural Rental Housing Loans (10.415)- Balance outstanding at the end of the audit period were 2528622.
Home Investment Program (14.239)- Balance outstanding at the end of the audit period were 1114942.
Total Loan were 3643564
Title: Noted 5 Non-Cash Assistance
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Human Services Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The organization has a federally negotiated indirect rate.
The total federal expenditures reported for the Organization’s award from the U.S. Department of Health and Human Service – Head Start Program for the year ended December 31, 2023, excludes non-cash matching amounts of $2,858,941, which is required by the grantor.
Title: Note 6 Reconciliation of Government Grants to Schedules
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Human Services Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The organization has a federally negotiated indirect rate.
Government grants per audit: $11677118 Add: USDA- RD loan balances 2528622 Add: Home Investment Partnership loan balance 820000 Add: Emerald Terrace subsidy (rental income) 240316 Less: County grant income not included on SEFA or SESA (110,338) Adjusted government grants revenue per audit 15155718 Expense per schedules Schedule of Federal Awards 14069171 Schedule of State Financial Assistance 1,086547 Total expense per Schedules 15155718