Title: Loan/loan guarantee outstanding balances
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, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CONTINUUM OF CARE PROGRAM (14.267) - Balances outstanding at the end of the audit period were 450771. ARRA - TAX CREDIT ASSISTANCE PROGRAM (14.258) - Balances outstanding at the end of the audit period were 2817296. COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were 4127849. ARRA - NEIGHBORHOOD STABILIZATION PROGRAM (14.256) - Balances outstanding at the end of the audit period were 750000. MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1609804. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 2242089. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 5319950.
Title: Nonmonetary awards (Part I)
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, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Certain of the Organizations related entities were the recipients of federal loan proceeds under the Continuum of Care Program funded by the Department of Housing and Urban Development (Federal Assistance Listing #14.267) as follows: Award received by Heartside Nonprofit Housing Corporation for the benefit of KBC Limited Dividend Housing Association Limited Partnership ($150,000 was received in 2006 and $250,000 in 2007, but is subject to continuing compliance requirements over a 20-year period).Award received by Heartside Nonprofit Housing Corporation for the benefit of Herkimer Commerce Limited Dividend Housing Association Limited Partnership ($50,771 was received in 2012, but is subject to continuing compliance requirements over a 20-year period). Certain of the Organizations related entities were the recipients of federal loan proceeds under the HOME Investment Partnerships Program funded by the Department of Housing and Urban Development (Federal Assistance Listing #14.239) as follows:Awards received by Heartside Nonprofit Housing Corporation for the benefit of the Martineau Project (award passed through MSHDA was received in 2004 but subject to continuing compliance requirements over a 20-year period)Passed through Michigan State HousingDevelopment Authority$620,000Award sponsored by Heartside Nonprofit Housing Corporation for the benefit of Kelsey Limited Dividend Housing Association Limited Partnership (award was received in 2007 and prior but is subject to continuing compliance requirements over a 15-year period). The compliance period ended in 2022.Passed through City of Grand Rapids$310,285Award sponsored by Heartside Nonprofit Housing Corporation for the benefit of KBC Limited Dividend Housing Association Limited Partnership (award was received in 2006 but is subject to continuing compliance requirements over a 20-year period).Passed through Michigan State Housing Development Authority$2,000,000Award sponsored by Heartside Nonprofit Housing Corporation for the benefit of Bridge Street Limited Dividend Housing Association Limited Partnership (award was received in 2009 but is subject to continuing compliance requirements over a 15-year period). Passed through City of Grand Rapids$415,000
Title: Nonmonetary awards (Part II)
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, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Award sponsored by Heartside Nonprofit Housing Corporation for the benefit of Goodrich Limited Dividend Housing Association Limited Partnership (award was received in 2010 but is subject to continuing compliance requirements over a 15-year period).Passed through City of Grand Rapids$700,000Award sponsored by Heartside Nonprofit Housing Corporation for the benefit of Herkimer Commerce Limited Dividend Housing Association Limited Partnership (award was received in 2013 and 2014 but is subject to continuing compliance requirements over a 20-year period).Passed through City of Grand Rapids$527,089Award sponsored by Heartside Nonprofit Housing Corporation for the benefit of Herkimer Apartments Limited Dividend Housing Association Limited Partnership (award was received in 2013 and 2014 but is subject to continuing compliance requirements over a 15-year period).Passed through Michigan State HousingDevelopment Authority$2,699,950Award received by LCH36 Limited Dividend Housing Association Limited Partnership (award was received in 2017 but is subject to continuing compliance requirements over a 15-year period).Passed through City of Grand Rapids$300,000Award received by Pine Avenue Limited Dividend Housing Association Limited Partnership (award was received in 2019 but is subject to continuing compliance requirements over a 15-year period).Passed through City of Grand Rapids$300,000The federal funds under the HOME Investment Partnerships Program are payable to the Department of Housing and Urban Development. These funds have a combined outstanding balance of $7,562,324 as of December 31, 2022. Two of the Organizations related entities were the recipients of federal loan proceeds under the Tax Credit Assistance Program funded by the Department of Housing and Urban Development (Federal Assistance Listing #14.258) as follows: Award received by Liberty Limited Dividend Housing Association Limited Partnership (award was received in 2010 and 2011 but is subject to continuing compliance requirements over a 50-year period).Passed through Michigan State HousingDevelopment Authority$2,150,599Award received by Goodrich Limited Dividend Housing Association Limited Partnership (award was received in 2010 but is subject to continuing compliance requirements for up to a 50-year period).Passed through Michigan State HousingDevelopment Authority $666,697One of the Organizations related entities was the recipient of federal loan proceeds under the Community Development Block Grants/Entitlement Grants Program funded by the Department of Housing and Urban Development (Federal Assistance Listing #14.218) as follows: Award received by Hall Street Limited Dividend Housing Association Limited Partnership (award was received in 2011 and 2012, and is subject to continuing compliance requirements over a 40-year period).Passed through Michigan State HousingDevelopment Authority$4,127,849One of the Organizations related entities was the recipient of federal loan proceeds under the Neighborhood Stabilization Program funded by the Department of Housing and Urban Development (Federal Assistance Listing #14.256) as follows: Award received by Hall Street Limited Dividend Housing Association Limited Partnership (award was received in 2011 and 2012, and is subject to continuing compliance requirements over a 15-year period).Passed through City of Grand Rapids$750,000
Title: Related Entities
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, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards reports activity for Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities. Dwelling Place of Grand Rapids Nonprofit Housing Corporation includes general programs providing certain programmatic, management and administrative services.Dwelling Place of Grand Rapids Nonprofit Housing Corporation is related to the following entities either through ownership or common control:Dwelling Place FoundationHeartside Nonprofit Housing CorporationSheldon-Weston, Inc.Dwelling Place Regional Community Land Trust Bridge Street Nonprofit Housing Corporation and Bridge Street Limited Dividend Housing Association Limited PartnershipElmdale Apartments Nonprofit Housing Corporation Ferguson Apartments Limited Dividend Housing Association LLC and New Ferguson LLCGoodrich Nonprofit Housing Corporation and Goodrich Limited Dividend Housing Association Limited PartnershipGrandville-Heartside Nonprofit Housing Corporation and Grandville-Heartside Limited Dividend Housing Association Limited PartnershipHPFH Nonprofit Housing Corporation and HPFH Limited Dividend Housing Association Limited Partnership Dwelling Place Rural Nonprofit Housing CorporationHarvest Hill Limited Dividend Housing Association Limited PartnershipHerkimer Apartments Nonprofit Housing Corporation and Herkimer Apartments Limited Dividend Housing Association Limited PartnershipHerkimer Commerce Limited Dividend Housing Association Limited PartnershipKelsey Nonprofit Housing Corporation and Kelsey Limited Dividend Housing Association Limited PartnershipLCH36 Nonprofit Housing Corporation and LCH36 Limited Dividend Housing AssociationMartineau Holdings Limited Dividend Housing Association LLCMidtown Village (Liberty Nonprofit Housing Corporation) and Liberty Limited Dividend Housing Association Limited Partnership New Hope Homes Nonprofit Housing Corporation and New Hope Homes Limited Dividend Housing Association Limited Partnership Pine Avenue Nonprofit Housing Corporation and Pine Avenue Limited Dividend Housing Association Limited Partnership Plaza Franklin Limited Dividend Housing Association Limited Partnership and DP Franklin LLCPlaza Grandville Limited Dividend Housing Association Limited Partnership and DP Grandville LLCReflections Apartments (Hall Street Nonprofit Housing Corporation) and Hall Street Limited Dividend Housing Association Limited PartnershipRoosevelt Nonprofit Housing Corporation and Roosevelt Limited Dividend Housing Association Limited PartnershipVerne Barry Apartments (KBC Nonprofit Housing Corporation) and KBC Limited Dividend Housing Association Limited Partnership Villa Esperanza (Sawkaw, Inc.)West Shore Apartments (Whitehall DP Limited Partnership)Weston Apartments (44 Ionia Limited Dividend Housing Association Limited Partnership) White River Estates (Dwelling Place Rural Limited Dividend Housing Association Limited Partnership)
Title: HUD 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, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Included in the amounts shown on the accompanying Schedule of Expenditures of Federal Awards, are two Section 223(f) loans Federal Assistance Listing #14.155 payable to the Department of Housing and Urban Development for the benefit of Elmdale Apartments Nonprofit Housing Corporation and Sawkaw, Inc. The mortgages have a combined outstanding balance of $1,609,804 as of December 31, 2022.
Title: Program Audits of Related Entities
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, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Dwelling Place of Grand Rapids Nonprofit Housing Corporation and Related Entities has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In accordance with U.S. Department of Housing and Urban Development requirements, the following entities have been subject to a program-specific compliance audit:Weston Apartments (44 Ionia Limited Dividend Housing Association Limited Partnership)Villa Esperanza (Sawkaw, Inc.) In accordance with Michigan State Housing Development Authority requirements, the following entities have been subject to program-specific compliance audits:Ferguson Apartments Limited Dividend Housing Association LLCGoodrich Limited Dividend Housing Association Limited PartnershipHall Street Limited Dividend Housing Association Limited PartnershipHerkimer Apartments Limited Dividend Housing Association Limited PartnershipKBC Limited Dividend Housing Association Limited PartnershipLiberty Village Limited Dividend Housing Association Limited PartnershipIn accordance with U.S. Department of Agriculture and Rural Development requirements, the following entity has been subject to program-specific compliance audits:Dwelling Place Rural Limited Dividend Housing Association Limited Partnership