Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the combined schedules of expenditures of federal awards and state financial assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and NJ Circular 15-08-OMB, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Community Hope, Inc. did not elect to use the ten percent de-minimis cost rate.
The accompanying combined schedules of expenditures of federal and state financial assistance (the "schedules") includes the federal and state award activity of Community Hope, Inc. and Affiliates under programs of the federal and state government for the year ended June 30, 2024. The information in these schedules 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 State of New Jersey, Department of the Treasury, OMB Policy Circular 15-08-OMB ("NJ Circular 15-08-OMB"). Because the schedules present only a selected portion of the operations of Community Hope, Inc. and Affiliates, they are not intended to and do not present the financial position, changes in net assets, or cash flows of Community Hope, Inc. and Affiliates.
Title: NON-CASH EXPENDITURES
Accounting Policies: Expenditures reported on the combined schedules of expenditures of federal awards and state financial assistance are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and NJ Circular 15-08-OMB, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Community Hope, Inc. did not elect to use the ten percent de-minimis cost rate.
Community Hope, Inc. and Affiliates is financed by mortgage loans guaranteed by HUD with a total remaining balance in the amount of $2,614,900 of June 30, 2024. The loan balance outstanding as of the beginning of the year is included in the schedules of expenditures of federal awards. The mortgage is secured by the property of Community Hope, Inc. and Affiliates. Additional details related to the mortgage loans are as follows: