Title: Basis of Presentation
Accounting Policies: The Schedule includes the federal grant activity of the Corporation and is prepared on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. There were no pass-through amounts to subrecipients for December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de-minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Pennsauken Lutheran Housing, Inc. (Corporation) under programs of the federal government for the year ended December 31, 2024. The information in the 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
the Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Corporation.
Title: Summary of Significant Accounting Policies
Accounting Policies: The Schedule includes the federal grant activity of the Corporation and is prepared on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. There were no pass-through amounts to subrecipients for December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de-minimis indirect cost rate as allowed under the Uniform Guidance.
The Schedule includes the federal grant activity of the Corporation and is prepared on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. There were no pass-through amounts to subrecipients for December 31, 2024.
Title: Indirect Costs
Accounting Policies: The Schedule includes the federal grant activity of the Corporation and is prepared on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. There were no pass-through amounts to subrecipients for December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de-minimis indirect cost rate as allowed under the Uniform Guidance.
The Corporation has not elected to use the 10% de-minimis indirect cost rate as allowed under the Uniform Guidance.
Title: U.S. Department of Housing and Urban Development (HUD), Capital Advances
Accounting Policies: The Schedule includes the federal grant activity of the Corporation and is prepared on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. There were no pass-through amounts to subrecipients for December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de-minimis indirect cost rate as allowed under the Uniform Guidance.
The Corporation received HUD Capital Advances under Section 202 of the National Housing Act (Capital Advances). All Capital Advances made to the Corporation are included in the federal expenditures presented in the Schedule. The capital advance balance at the beginning of the year is included in the federal expenditures presented in the Schedule. This is also the balance at December 31, 2024. The Corporation received no additional Capital Advances during the year ended December 31, 2024. The Corporation received $594,693 in project rental assistance payments under a Project Rental Assistance Contract under the same Assistance Listing Number (14.157), which is separately presented on the Schedule.