Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state and county 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 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 Arc of Monmouth, Inc. and Subsidiaries has not elected to use the 10% de minimis cost rate allowed by the Uniform Guidance.
The accompanying consolidated schedules of expenditures of federal awards and state and county financial assistance presents the activity of all federal awards and state and county financial assistance programs of The Arc of Monmouth, Inc. and Subsidiaries. The Organization is defined in Note 1 of the basic consolidated financial statements. The information in this schedule is 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 and county financial assistance received directly from federal, state and county agencies, as well as federal awards and state and county financial assistance passed through other government agencies, is included on the consolidated schedules of expenditures of federal awards and state and county financial assistance.
Title: RELATIONSHIP TO BASIC CONSOLIDATED FINANCIAL STATEMENTS
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state and county 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 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 Arc of Monmouth, Inc. and Subsidiaries has not elected to use the 10% de minimis cost rate allowed by the Uniform Guidance.
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 as presented as follows:
Rental revenue - HUD group homes $590,264 Capital advances (see Note 7) $738,000 Mortgages payable (see Note 7) $296,648 State financial assistance $3,266,365 County financial assistance $101,000 Total grants: $4,992,277
Title: RELATIONSHIP TO FEDERAL, STATE AND COUNTY FINANCIAL REPORTS
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state and county 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 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 Arc of Monmouth, Inc. and Subsidiaries has not elected to use the 10% de minimis cost rate allowed by the Uniform Guidance.
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal, state and county financial reports.
Title: CONTINGENCIES
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state and county 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 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 Arc of Monmouth, Inc. and Subsidiaries has not elected to use the 10% de minimis cost rate allowed by the Uniform Guidance.
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: MAJOR PROGRAMS
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state and county 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 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 Arc of Monmouth, Inc. and Subsidiaries has not elected to use the 10% de minimis cost rate allowed by the Uniform Guidance.
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and Questioned Costs.
Title: CAPITAL FUNDING
Accounting Policies: The accompanying consolidated schedules of expenditures of federal awards and state and county 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 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 Arc of Monmouth, Inc. and Subsidiaries has not elected to use the 10% de minimis cost rate allowed by the Uniform Guidance.
The balances on the HUD insured mortgages and capital advances are as follows as of June 30, 2024: See page 42 of the financial statements for full table.