Title: BASIS OF PRESENTATION
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/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Senior Housing Corporation has elected not to use the 10% 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 PPEP Senior Housing Services Corporation, Ramona Morales Memorial Apartments, HUD Project No. 123-11164 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 PPEP Senior Housing Services Corporation, Ramona Morales Memorial Apartments, HUD Project No. 123-11164, it is not intended to and does not present the financial position, changes in net assets, or cash flows of PPEP Senior Housing Services Corporation, Ramona Morales Memorial Apartments, HUD Project No. 123-11164.
Title: OTHER CONTRACTS
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/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Senior Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
In the event that the grantor was either unable to or did not confirm the source of federal funds all amounts were assumed to be federal for purposes of the schedule of expenditures of federal awards.
Title: MAJOR PROGRAM
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/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Senior Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and Questioned Costs.
Title: FEDERALLY INSURED MORTGAGE
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/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Senior Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The mortgage balance, under CFDA No. 14.155, at the beginning of the year of $946,754 is included in the federal expenditures presented in the Schedule. There were no new loans during the year which would require presentation in the Schedule. The outstanding balance of the federally insured mortgage at June 30, 2023 was $912,557.
Title: RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO STATEMENT OF ACTIVITIES
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/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Senior Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Total Federal expenditures $1,150,947
Title: RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO STATEMENT OF ACTIVITIES
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/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Senior Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Total Non-Federal expenditures – SEFA 0
Title: RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO STATEMENT OF ACTIVITIES
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/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Senior Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Total governmental financial assistance 1,150,947
Title: RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO STATEMENT OF ACTIVITIES
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/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Senior Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Less: Loan balances 946,754
Title: RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO STATEMENT OF ACTIVITIES
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/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Senior Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Housing assistance payments – Section 8 204,193
Title: RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO STATEMENT OF ACTIVITIES
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/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Senior Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Plus: Tenant rent receipts 124,563
Title: RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO STATEMENT OF ACTIVITIES
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/or OMB Circular A-122, Cost Principles for Non-profit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: PPEP Senior Housing Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Total rental receipts – Statement of Activities 328,756