Title: Note 1 - Basis of Presentation
Accounting Policies: Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state grant activity of the Palisades Emergency Residence Corporation (the “Organization”) under programs of the federal and state governments 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for
Federal Awards (Uniform Guidance) and the New Jersey OMB Circular 15-08. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Note 2 - Summary of Significant Accounting Policies
Basis of Presentation
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements (CFR) Part 200 and Cost Principles for Non-Profit Organizations, and the New Jersey OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through Entities
Pass-through entity identifying numbers are presented where available.
Federal and State Loans
Federal and State loan balances reflected in the schedule include the beginning balance and current year expenditures.
10% De Minimis Indirect Cost Rate
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Note 3 - U.S. Department of Housing and Urban Development Loan Program
The Organization has a U.S. Department of Housing and Urban Development (“HUD”) loan under Emergency Solutions Grant Program for COVID-19 Shelter Support. The
outstanding balance of the loan at the beginning of the year is included in federal expenditures presented in the Schedule. The outstanding balance of the loan at December 31, 2024 is $679,500.
The Organization has a HUD loan under Home Investment Partnerships Program for Multi- Family Rehabilitation Project. The outstanding balance of the loan at the beginning of the year is included in federal expenditures presented in the Schedule. There were no
additional drawdowns against the loan during the year. The outstanding balance of the loan at December 31, 2024 is $700,000.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state grant activity of the Palisades Emergency Residence Corporation (the “Organization”) under programs of the federal and state governments 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for
Federal Awards (Uniform Guidance) and the New Jersey OMB Circular 15-08. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state grant activity of the Palisades Emergency Residence Corporation (the “Organization”) under programs of the federal and state governments 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for
Federal Awards (Uniform Guidance) and the New Jersey OMB Circular 15-08. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Note 2 - Summary of Significant Accounting Policies
Basis of Presentation
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements (CFR) Part 200 and Cost Principles for Non-Profit Organizations, and the New Jersey OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through Entities
Pass-through entity identifying numbers are presented where available.
Federal and State Loans
Federal and State loan balances reflected in the schedule include the beginning balance and current year expenditures.
10% De Minimis Indirect Cost Rate
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Note 3 - U.S. Department of Housing and Urban Development Loan Program
The Organization has a U.S. Department of Housing and Urban Development (“HUD”) loan under Emergency Solutions Grant Program for COVID-19 Shelter Support. The
outstanding balance of the loan at the beginning of the year is included in federal expenditures presented in the Schedule. The outstanding balance of the loan at December 31, 2024 is $679,500.
The Organization has a HUD loan under Home Investment Partnerships Program for Multi- Family Rehabilitation Project. The outstanding balance of the loan at the beginning of the year is included in federal expenditures presented in the Schedule. There were no
additional drawdowns against the loan during the year. The outstanding balance of the loan at December 31, 2024 is $700,000.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note 2 - Summary of Significant Accounting Policies
Basis of Presentation
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements (CFR) Part 200 and Cost Principles for Non-Profit Organizations, and the New Jersey OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through Entities
Pass-through entity identifying numbers are presented where available.
Federal and State Loans
Federal and State loan balances reflected in the schedule include the beginning balance and current year expenditures.
10% De Minimis Indirect Cost Rate
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 3 - U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Note 1 - Basis of Presentation
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal and state grant activity of the Palisades Emergency Residence Corporation (the “Organization”) under programs of the federal and state governments 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for
Federal Awards (Uniform Guidance) and the New Jersey OMB Circular 15-08. Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Organization.
Note 2 - Summary of Significant Accounting Policies
Basis of Presentation
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Administrative Requirements (CFR) Part 200 and Cost Principles for Non-Profit Organizations, and the New Jersey OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pass-through Entities
Pass-through entity identifying numbers are presented where available.
Federal and State Loans
Federal and State loan balances reflected in the schedule include the beginning balance and current year expenditures.
10% De Minimis Indirect Cost Rate
The Organization has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Note 3 - U.S. Department of Housing and Urban Development Loan Program
The Organization has a U.S. Department of Housing and Urban Development (“HUD”) loan under Emergency Solutions Grant Program for COVID-19 Shelter Support. The
outstanding balance of the loan at the beginning of the year is included in federal expenditures presented in the Schedule. The outstanding balance of the loan at December 31, 2024 is $679,500.
The Organization has a HUD loan under Home Investment Partnerships Program for Multi- Family Rehabilitation Project. The outstanding balance of the loan at the beginning of the year is included in federal expenditures presented in the Schedule. There were no
additional drawdowns against the loan during the year. The outstanding balance of the loan at December 31, 2024 is $700,000.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Organization has a U.S. Department of Housing and Urban Development (“HUD”) loan under Emergency Solutions Grant Program for COVID-19 Shelter Support. The
outstanding balance of the loan at the beginning of the year is included in federal expenditures presented in the Schedule. The outstanding balance of the loan at December 31, 2024 is $679,500.
The Organization has a HUD loan under Home Investment Partnerships Program for Multi- Family Rehabilitation Project. The outstanding balance of the loan at the beginning of the year is included in federal expenditures presented in the Schedule. There were no
additional drawdowns against the loan during the year. The outstanding balance of the loan at December 31, 2024 is $700,000.