Title: BASIS OF PRESENTATION
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
The accompanying schedule of expenditures of federal awards and state and local financial assistance (the "Schedule") includes the grant activity of Integrity, Inc. ("Integrity" or the "Organization") and is presented on the accrual basis of accounting. The information in the 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"), and with State of New Jersey, Department of the Treasury Circular Letter 15-08 OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, and is not a required part of the basic consolidated financial statements. Therefore, some of the amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: SUBRECIPIENTS
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
For the year ended June 30, 2024, the Organization had no subrecipients.
Title: INDIRECT COST
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
The Organization does not have a federally negotiated indirect cost rate and has elected to use the 10% de minimus cost rate as covered in Section 200.414 in the Uniform Guidance.
Title: CAPITAL FUNDING
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimus cost rate.
The balances on the government mortgages are as follows as of June 30, 2024: New Jersey Department of Community Affairs Mortgage $111,823, New Jersey Housing and Mortgage Finance Agency $600,000, New Jersey Housing and Mortgage Finance Agency $1,715,260, Essex County Division of Housing and Community Development $131,034, U.S. Department of Housing and Urban Development $400,000, Federal HOME Program Fund Department of Economics and Housing $736,126, Federal HOME Program Fund Department of Economics and Housing $424,645, Total $4,118,888