Notes to SEFA
Title: NON-CASH EXPENDITURES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant
activity of New Community Hudson Senior Housing Corporation (the “Organization”) 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”), Audits of States, Local
Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may
differ from amounts presented in, or used in the preparation of, the basic financial statements.
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.
De Minimis Rate Used: Y
Rate Explanation: The Organization has not previously received a negotiated indirect cost rate, nor has it elected to use the
10% de minimis indirect cost rate allowable under Uniform Guidance.
The Project was financed by a capital advance from HUD in the amount of $6,395,641. The advance is
secured by an enforcement mortgage on the property of the Organization. The mortgage, which matures in
August 2038, bears no interest and repayment is not required so long as the housing remains available for
very low-income elderly persons or very low-income persons with disabilities. Since the mortgage is not
repayable so long as the Organization complies with HUD regulations, the proceeds from the mortgage
have been recorded as net assets with donor restrictions. Upon maturity the Organization will release this
amount from net assets with donor restrictions. The outstanding balance of the capital advance was
$6,395,641 at December 31, 2024 and 2023.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant
activity of New Community Hudson Senior Housing Corporation (the “Organization”) 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”), Audits of States, Local
Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may
differ from amounts presented in, or used in the preparation of, the basic financial statements.
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.
De Minimis Rate Used: Y
Rate Explanation: The Organization has not previously received a negotiated indirect cost rate, nor has it elected to use the
10% de minimis indirect cost rate allowable under Uniform Guidance.
There were no subrecipients present for the year ended December 31, 2024.