Notes to SEFA
Title: GENERAL INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: East Brunswick Community Housing Corporation does not have a federally negotiated indirect cost rate on its federal contracts and has not made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards presents the activities in the financial assistance programs of East Brunswick Community Housing Corporation. All financial assistance received directly from federal agencies as well as financial assistance passed through other governmental agencies or not-for-profit organizations are included on the schedule.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: East Brunswick Community Housing Corporation does not have a federally negotiated indirect cost rate on its federal contracts and has not made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate.
Federal awards expenditures are reported on the statements of activities and changes in net assets as program expenses. The expenditures reported in the basic financial statements may differ from the expenditures reported in the schedule of expenditures of federal awards due to program expenditures
exceeding grant or contract budget limitations, matching or in-kind contributions or capitalization policies required under accounting principles generally accepted in the United States of America.
Title: NON-CASH EXPENDITURES
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: East Brunswick Community Housing Corporation does not have a federally negotiated indirect cost rate on its federal contracts and has not made an election pursuant to 2 CFR Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards to receive a 10% de minimis indirect cost rate.
All HOME funds invested in the project shall be promptly repaid to Middlesex County if the housing ceases
to qualify as affordable housing under the terms of HOME regulations, a thirty year period of affordability is in effect for the funds received in 1999 through 2013 and a fifteen year period of affordability for the funds received 2013 through 2020. At the end of the affordability period, the individual loans shall be forgiven if all terms and conditions of the HOME agreement have been met. Total HOME funds received and subject to repayment as of December 31, 2023 and 2022 amount to $4,274,400 and $3,749,400, respectively.