Title: BASIS OF PRESENTATION
Accounting Policies: See "Form" Tab
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 Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”).
The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of New Community Orange Senior Housing Corporation (the “Organization”) under programs of the federal and state governments for the year ended April 30, 2024, 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”), and 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: NON-CASH EXPENDITURES
Accounting Policies: See "Form" Tab
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 Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”).
The project was financed by capital advances from HUD and the State of NJ Department of Consumer Affairs totaling $10,358,900. The advances are secured by enforcement mortgages on the property of the Organization. The mortgages, which mature in April 2043, bear 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 disabilities. As of April 30, 2024 and 2023, the enforcement mortgages amounted to $10,358,900. Since the mortgages are not repayable and are forgiven at the end of the enforcement period so long as the Organization complies with HUD regulations, the proceeds from the mortgage have been recorded as net assets with donor restrictions.
Title: INDIRECT COSTS
Accounting Policies: See "Form" Tab
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 Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(“Uniform Guidance”).
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: See "Form" Tab
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 Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”).
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.