Audit 34822

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 1 - Basis of PresentationThe accompanying schedule of expenditures of federal and state awards (the Schedule)includes the federal and state grant activity of the Bergen Court, Inc., NJHMFA ProjectNo. 2663 under programs of the federal and state government for the year endedDecember 31, 2022. 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 (UniformGuidance) and New Jersey OMB Circular 15-08. Because the Schedule presents only aselected portion of the operations of the Organization, it is not intended to and does notpresent the financial position, changes in net assets or cash flows of the Organization.Note 2 - Summary of Significant Accounting PoliciesBasis of PresentationExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in UniformAdministrative Requirements (CFR) Part 200, Cost Principles for Non-Profit Organizations,and the New Jersey OMB Circular 15-08, wherein certain types of expenditures are notallowable or are limited as to reimbursement.Pass-through EntitiesPass-through entity identifying numbers are presented where available.Federal and State LoansFederal and State loan balances reflected in the schedule include the beginning balanceand current year expenditures.10% De Minimis Indirect Cost RateThe Organization has elected not to use the 10% de minimis indirect cost rate allowedunder the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 1388931.