Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in OMB Circular A-122,
Cost Principles for Non-Profit Organizations, and the cost principles contained in the Uniform
Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization does not have a federally approved negotiated indirect cost rate agreement
and, therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of Union Congregational Church Homes, Phase II, Inc., HUD Project No.
023-EH217, 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 Union Congregational Church
Homes, Phase II, Inc., it is not intended to and does not present the financial position, changes
in net assets, or cash flows of Union Congregational Church Homes, Phase II, Inc.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in OMB Circular A-122,
Cost Principles for Non-Profit Organizations, and the cost principles contained in the Uniform
Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization does not have a federally approved negotiated indirect cost rate agreement
and, therefore, is subject to the 10-percent de minimis indirect cost rate 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 OMB Circular A-122,
Cost Principles for Non-Profit Organizations, and the cost principles contained in the Uniform
Guidance.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in OMB Circular A-122,
Cost Principles for Non-Profit Organizations, and the cost principles contained in the Uniform
Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization does not have a federally approved negotiated indirect cost rate agreement
and, therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform
Guidance.
The Organization does not have a federally approved negotiated indirect cost rate agreement
and, therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform
Guidance.
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in OMB Circular A-122,
Cost Principles for Non-Profit Organizations, and the cost principles contained in the Uniform
Guidance.
De Minimis Rate Used: Y
Rate Explanation: The Organization does not have a federally approved negotiated indirect cost rate agreement
and, therefore, is subject to the 10-percent de minimis indirect cost rate under the Uniform
Guidance.
Union Congregational Church Homes, Phase II, Inc. has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Union Congregational Church Homes, Phase II, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2024 consists of:See the Notes to the SEFA for chart/table.