Title: Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of MEND, Inc. (“MEND”) 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 MEND, it is not intended to and does not present the financial position, change in net assets or cash flows of MEND.
De Minimis Rate Used: N
Rate Explanation: MEND has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
MEND had the following loan balances as of December 31, 2024. These programs are also included in the federal expenditures presented in the Schedule as follows: HOME Investment Partnerships Program - Burlington County - $1,504,154 and HOME Investment Partnerships Program - NJ DCA $436,764.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of MEND, Inc. (“MEND”) 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 MEND, it is not intended to and does not present the financial position, change in net assets or cash flows of MEND.
De Minimis Rate Used: N
Rate Explanation: MEND has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Awards of Subsidiaries
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of MEND, Inc. (“MEND”) 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 MEND, it is not intended to and does not present the financial position, change in net assets or cash flows of MEND.
De Minimis Rate Used: N
Rate Explanation: MEND has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule includes the federal grant activity of MEND only. The other subsidiaries are excluded. Each individual entity was subject to testing under the Uniform Guidance as applicable in their respective standalone financial statements.
Title: Reconciliation of Government Grants to Schedule
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of MEND, Inc. (“MEND”) 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 MEND, it is not intended to and does not present the financial position, change in net assets or cash flows of MEND.
De Minimis Rate Used: N
Rate Explanation: MEND has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Government subsidies - MEND, Inc. per audit: $176,449 Less: State of New Jersey subsidies $(33,157) Less: Burlington County subsidies $(9,157) Adjusted government subsidies $134,135 Add: Outstanding loan balances $1,940,918 Adjusted balance $2,075,053 Total per Schedule of Federal Awards $2,075,053 Variance $ -