Title: MAJOR PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Greater Grace Temple Non-Profit Housing Corp., Inc. – Ellis Manor, HUD Project No. 044-EE001, and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basis financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the de minimis indirect cost rate under the Uniform Guidance.
Major programs have been determined 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).
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Greater Grace Temple Non-Profit Housing Corp., Inc. – Ellis Manor, HUD Project No. 044-EE001, and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basis financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the de minimis indirect cost rate under the Uniform Guidance.
The Corporation has received a U.S. Department of Housing and Urban Development capital advance under Section 202 of the National Housing Act. The capital advance is included in the federal expenditures presented in the schedule. The Corporation received no additional capital advances or loans during the year. The balance of the capital advance at December 31, 2024 was $5,256,000.
Title: SUBSEQUENT EVENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Greater Grace Temple Non-Profit Housing Corp., Inc. – Ellis Manor, HUD Project No. 044-EE001, and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basis financial statements.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the de minimis indirect cost rate under the Uniform Guidance.
All subsequent events related to the major programs were evaluated through March 18, 2025, the date the accompanying reports were available to be issued. No significant event was noted that required adjustment or disclosure in the accompanying reports.