Title: Note 1 - 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, either the Cost Principles for Non-Profit Agencies or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and NJ OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NJCDC and Affiliates have not elected to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Combined Schedules of Expenditures of Federal Awards and Contracts and State Financial Assistance includes the Federal, State, and Local grant and loan activity of New Jersey Community Development Corporation and Affiliates 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 NJ OMB Circular 15-08. Therefore, some amounts presented in this schedule may differ from amounts presented in,
or used in, the preparation of the basic combined financial statements.
Title: Note 2 - 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, either the Cost Principles for Non-Profit Agencies or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and NJ OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NJCDC and Affiliates have not elected to use the ten percent de minimis indirect cost rate as 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, either the Cost Principles for Non-Profit Agencies or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and NJ OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - 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, either the Cost Principles for Non-Profit Agencies or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and NJ OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NJCDC and Affiliates have not elected to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
NJCDC and Affiliates have not elected to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4 - Development Loans Expended
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the Cost Principles for Non-Profit Agencies or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and NJ OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NJCDC and Affiliates have not elected to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
New Jersey Community Development Corporation and Affiliates had the following loan balances outstanding at June 30, 2024. Loan proceeds expended during the year are included in the Combined Schedules of Expenditures of Federal Awards and Contracts and State Financial Assistance.
Title: Note 5 - Capital Advance and Rental Assistance of Affiliate
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the Cost Principles for Non-Profit Agencies or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and NJ OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NJCDC and Affiliates have not elected to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Hawthorne Supportive Housing, Inc., an affiliate which is included in the consolidated financial statements, has received a HUD capital advance and project rental assistance under Section 811 Supportive Housing for Persons with Disabilities program. The awards are not presented on the New Jersey Community Development Corporation and Affiliates Schedule of Expenditures of Federal Awards. The awards are presented on the Schedule of Expenditures of Federal Awards for Hawthorne Supportive Housing, Inc. The Organization received no additional loans or capital advances during the year. The balance of the capital advance outstanding at June 30, 2024 was $1,675,600 and the total amount of project rental assistance for the year ending June 30, 2024 was $105,820.