Notes to SEFA
Title: Note 1 - Basis of presentation
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in New Jersey (NJ) Circular Letter 15-08-OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, 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: New Hope has not elected to use a de minimis indirect cost rate as allowed under the Uniform Guidance as New Hope does not receive indirect cost reimbursement under its fee-for-service awards.
The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") include the federal and state award activity of New Hope under programs of the federal and New Jersey state governments for the year ended December 31, 2024. The information in these Schedules 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") and New Jersey (NJ) Circular Letter 15-08- OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Because the Schedules present only a selected portion of the operations of New Hope, they are not intended to, and do not present the financial position, changes in net assets, or cash flows of New Hope.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in New Jersey (NJ) Circular Letter 15-08-OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, 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: New Hope has not elected to use a de minimis indirect cost rate as allowed under the Uniform Guidance as New Hope does not receive indirect cost reimbursement under its fee-for-service awards.
Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in New Jersey (NJ) Circular Letter 15-08-OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 - Indirect cost rate
Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in New Jersey (NJ) Circular Letter 15-08-OMB Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, 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: New Hope has not elected to use a de minimis indirect cost rate as allowed under the Uniform Guidance as New Hope does not receive indirect cost reimbursement under its fee-for-service awards.
New Hope has not elected to use a de minimis indirect cost rate as allowed under the Uniform Guidance as New Hope does not receive indirect cost reimbursement under its fee-for-service awards.