Title: Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" and/or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: TG 306, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal award activity of TG 306, Inc., HUD Project No. TX590025016, under programs of the federal government for the year ended December 31, 2024. The information in this Schedule 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"). Because the Schedule presents only a selected portion of the operations of TG 306, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of TG 306, Inc. For the year ended December 31, 2024, no awards were passed through to subrecipients.
Title: Mark-to-Market Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" and/or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: TG 306, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Mark-to-Market program consists of a mortgage restructuring note. The following schedule reconciles expenditures per the Schedule to the note payable reported in the financial statements.
Federal Assistance Listing Number Program Name Outstanding Loan Balance at December 31, 2024
14.197 HUD Multifamily Assisted Housing Reform & Affordability Act Mark-to-Market
Program, Mortgage Restructuring Note $ 825,016
Less: unamortized discount (329,623)
$ 495,393
Title: US Department of Housing and Urban Development Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in OMB Circular A-122, "Cost Principles for Non-Profit Organizations" and/or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: TG 306, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation has received a U.S. Department of Housing and Urban Development pass-through loan from the HOME Investment Partnership Program. The loan balance outstanding at the end of the year is included in the federal expenditure presented in the above Schedule. The Corporation received no additional loans during the year. The balance of the loan outstanding at December 31, 2024 consists of:
Federal Assistance Listing Number Program Name Outstanding Loan Balance at December 31, 2024
14.239 HOME Investment Partnership Program (TDHCA) $ 1,820,359