Title: 1. BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of New Community Urban Renewal Corporation (the "Corporation" or the “Project”) 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not previously received a negotiated indirect cost rate, nor has it elected to use the 10 percent de minimus indirect cost rate allowable under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of New Community Urban Renewal Corporation (the "Corporation" or the “Project”) 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of New Community Urban Renewal Corporation (the "Corporation" or the “Project”) 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not previously received a negotiated indirect cost rate, nor has it elected to use the 10 percent de minimus indirect cost rate allowable under Uniform Guidance.
Expenditures reported on the Schedule are reported on the accounting principles generally accepted in the United States of America basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: 3. LOANS/LOANS GUARANTEE OUTSTANDING BALANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of New Community Urban Renewal Corporation (the "Corporation" or the “Project”) 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not previously received a negotiated indirect cost rate, nor has it elected to use the 10 percent de minimus indirect cost rate allowable under Uniform Guidance.
The Project is financed by a mortgage loan guaranteed by the U.S. Department of Housing and Urban Development with balances and transactions relating to this program included within the Projects base financial statements. The loan outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule with the remaining balance in the amount of $3,587,383 as of December 31, 2023.
Title: 4. INDIRECT COSTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of New Community Urban Renewal Corporation (the "Corporation" or the “Project”) 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 the Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not previously received a negotiated indirect cost rate, nor has it elected to use the 10 percent de minimus indirect cost rate allowable under Uniform Guidance.
The Corporation has not previously received a negotiated indirect cost rate, nor has it elected to use the 10 percent de minimus indirect cost rate allowable under Uniform Guidance.