Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the 10-percent de-minimis indirect cost rate as discussed in 2 CFR 200.414.
The accompanying schedule of expenditures of federal awards presents the activity of all federal awards of the Organization. The Organization is defined in Note 1 of the basic financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies is included on the schedule of expenditures of federal awards.
Title: RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the 10-percent de-minimis indirect cost rate as discussed in 2 CFR 200.414.
The Section 8 assistance is to help eligible low-income families or individuals to obtain decent, safe, and sanitary housing through a system of rental subsidies. Federal expenditures under this Section 8 assistance program are equal to the current year rental assistance. Therefore, the following is a reconciliation of the federal expenditures reported on the schedule of expenditures of federal awards to the financial statements: Rental assistance (federal expenditures)-Section 8: $1,028,761 Tentant rent: $924,161 Less: Vacancy loss, adjustments and write-offs: ($92,627) Excess rents: $3,645 Superintendent's apartment(in-kind) $12,632 Rental Income: $1,876,572 Loan Guarantee
The Organization has a 233(f)/207 HUD insured mortgage with an outstanding balance of $5,348,509 at September 30, 2024. The mortgage is payable in monthly installments of $48,790. The note is set to mature 2050. The balance on the HUD insured mortgage is as follows as of September 30, 2024: 9/30/2023 Balance: $5,473,757 Principal Payments $125,248 9/30/2024 Balance $5,348,509.
Title: RELATIONSHIP TO THE FINANCIAL REPORTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the 10-percent de-minimis indirect cost rate as discussed in 2 CFR 200.414.
Amounts reported in the accompanying schedule agree with amounts reported in the related financial reports
Title: MAJOR PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the 10-percent de-minimis indirect cost rate as discussed in 2 CFR 200.414.
Major programs are identified in the Schedule of Findings and Questioned Costs section.
Title: CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic financial statements. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the 10-percent de-minimis indirect cost rate as discussed in 2 CFR 200.414.
Each of the grantor agencies reserves the right to conduct additional audits of the Organization’s grant program for economy, efficiency, and program results. However, management does not believe such audits would result in material amounts of disallowed costs.