Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
The accompanying consolidated schedules of expenditures of federal awards and state financial assistance presents the activity of all federal awards and state financial assistance programs of The Arc of Atlantic County, Inc. and Affiliates. The Organization is defined in Note 1 of the basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. All federal awards and state financial assistance received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies, are included on the consolidated schedules of expenditures of federal awards and state financial assistance.
Title: RELATIONSHIP TO BASIC CONSOLIDATED FINANCIAL STATEMENTS
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
Amounts reported in the accompanying schedules agree with amounts reported in the related financial reports. Awards and financial assistance revenues are reported in the Organization’s basic consolidated financial statements and presented as follows:
Reconciliation of cash expenditures: Federal cash expenditures $397,713 Total rental assistance payments $397,713. Reconciliation of non-cah=sh expenditures: Federal non-cash expenditures - debt obligatons $229,161 Federal non-cash expenditures - restricted mortgages $3,721,200 State non-cash expenditures - restricted mortgages $883,040 Local restricted mortgages $270,000 Total restricted mortgages $4,874,240
Title: RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
Amounts reported in the accompanying schedules agree with the amounts reported in the related financial reports.
Title: MAJOR PROGRAMS
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
Major programs are identified in the Schedule of Findings and Questioned Costs.
Title: CONTINGENCIES
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
Each of the grantor agencies reserves the right to conduct additional audits of the Organization’s grant program for economy, efficiency and program results. However, the Organization’s administration does not believe such audits would result in material amounts of disallowed costs.
Title: FEDERAL AND STATE LOANS OUTSTANDING
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic consolidated financial statements. The information in these schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic consolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the 10-percent de minimis indirect cost rate as discussed in 2 CFR 200.414.
The below table represents the balances outstanding on mortgages and capital advances with U.S. Department of Housing and Urban Development as of June 30, 2024: Residential Alternatives - Atlantic, Inc $229,161 Village Housing, Inc. $521,500 Harding Housing, Inc. $337,100 Atlantic County Homes $1,091,300 CHT Visions, Inc $1,771,300 Total U.S. Department of Hosuing and Urban Development Federal Loans outstanding $3,950,361 The below table represents the balances outstanding on mortgages and capital advances with NJ Department of Human Services as of June 30, 2024: Atlantic County Homes $68,800 CHT Visions, Inc. $76,770 Total NJ Department of Human Services State Loans outstanding $145,570. The below table represents the balances outstanding on mortgages and capital advances with NJ Department of Community Affairs as of June 30, 2024: Atlantic County Homes $368,862 The Arc of Atlantic County Inc, $368,608 Total NJ Department of Community Affairs State Loans outstanding $737,470