Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting Policies
Expenditures reported on this schedule are reported on the accrual basis of accounting which isdescribed in Note 2 to the financial statements. Such expenditures are recognized following thecost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Jersey City UAW Senior Citizens Housing Company, Inc., HUD Project No. 031-11077 has electednot to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activity of all federalfinancial assistance programs of Jersey City UAW Senior Citizens Housing Company, Inc., HUDProject No. 031-11077. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Jersey City UAWSenior Citizens Housing Company, Inc., HUD Project No. 031-11077, it is not intended to anddoes not present the financial position, changes in net assets, or cash flows of Jersey City UAWSenior Citizens Housing Company, Inc., HUD Project No. 031-11077.
Title: Sub-recipients
Accounting Policies: Summary of Significant Accounting Policies
Expenditures reported on this schedule are reported on the accrual basis of accounting which isdescribed in Note 2 to the financial statements. Such expenditures are recognized following thecost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Jersey City UAW Senior Citizens Housing Company, Inc., HUD Project No. 031-11077 has electednot to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
No federal awards were provided to sub-recipients.
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Summary of Significant Accounting Policies
Expenditures reported on this schedule are reported on the accrual basis of accounting which isdescribed in Note 2 to the financial statements. Such expenditures are recognized following thecost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Jersey City UAW Senior Citizens Housing Company, Inc., HUD Project No. 031-11077 has electednot to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Jersey City UAW Senior Citizens Housing Company, Inc., HUD Project No. 031-11077 hasreceived a U.S. Department of Housing and Urban Development 223(f) direct loan of theNational Housing Act. The loan balance outstanding at the beginning of the year is included inthe federal expenditures presented in the Schedule of Expenditures of Federal Awards. TheCorporation received no additional loans during the year. The balance of the loan outstanding atSeptember 30, 2024 is $3,528,973.
Title: Single Audit- Type A/Type B Program Threshold
Accounting Policies: Summary of Significant Accounting Policies
Expenditures reported on this schedule are reported on the accrual basis of accounting which isdescribed in Note 2 to the financial statements. Such expenditures are recognized following thecost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Jersey City UAW Senior Citizens Housing Company, Inc., HUD Project No. 031-11077 has electednot to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Dollar threshold used to distinguish between Type A and Type B programs is $750,000. SingleAudit expenditure threshold requirement is $750,000.