Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, 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: N
Rate Explanation: Village Apartments of Cherry Hill, Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the
federal award activity of Village Apartments of Cherry Hill, Inc., HUD Project No. 035-11031, under
programs of the federal government for the year ended June 30, 2024. 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 Village Apartments of Cherry Hill, Inc., it is not intended to and
does not present the financial position, changes in net assets, or cash flows of Village Apartments
of Cherry Hill, Inc. For the year ended June 30, 2024, no awards were passed through to
subrecipients.
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, as applicable, 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: N
Rate Explanation: Village Apartments of Cherry Hill, Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: Indirect cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, 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: N
Rate Explanation: Village Apartments of Cherry Hill, Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Village Apartments of Cherry Hill, Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Title: U.S. Department of Housing and Urban Development loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable, 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: N
Rate Explanation: Village Apartments of Cherry Hill, Inc. has elected not to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
Village Apartments of Cherry Hill, Inc. has received a U.S. Department of Housing and Urban
Development direct loan under Section 207 pursuant to section 223(f) of the National Housing Act.
The loan balance outstanding at the beginning of the year is included in the federal expenditures
presented in the Schedule. Village Apartments of Cherry Hill, Inc. received no additional loans
during the year. The balance of the loan outstanding at June 30, 2024 consists of:
Outstanding Assistance Listing Balance at
Number Program Name June 30, 2024
14.155 Section 207 pursuant to Section 223(f) -
Mortgage Insurance for the Purchase or
Refinancing of Existing Multifamily Projects $5,565,059