Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: SUMMARY OF SIGNIFICANT 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 and in the New Jersey (NJ) Circular Letter 15-08 OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Isaiah House, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal and state grant activity of Isaiah House, Inc. under programs of the federal and state government for the year ended December 31, 2022, and is presented on the accrual basis of accounting. 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 New Jersey (NJ) Circular Letter 15-08 OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Because the Schedule presents only a selected portion of the operations of Isaiah House, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Isaiah House, Inc.
Title: SUBRECIPIENTS
Accounting Policies: SUMMARY OF SIGNIFICANT 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 and in the New Jersey (NJ) Circular Letter 15-08 OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Isaiah House, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
During the year ended December 31, 2023, the Organization did not provide any funds relating to their federal or state programs to subrecipients.
Title: LOAN AND LOAN GUARANTEE PROGRAM
Accounting Policies: SUMMARY OF SIGNIFICANT 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 and in the New Jersey (NJ) Circular Letter 15-08 OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Isaiah House, Inc. has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
As of December 31, 2023 and 2022, $271,345 and $159,024, respectively was outstanding under a federal loan program. As of December 31, 2023 and 2022, $100,000 was outstanding under a state loan program.