Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic consolidated financial statements. The information in these schedules 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 and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the applicable de minimis indirect cost rate as discussed in 2 CFR 200.414.
The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal and state awards of HABcore, Inc. and Affiliate. The Organization is defined in Note 1 of the basic consolidated financial statements. 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 New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies are included on the schedules of expenditures of federal awards and state financial assistance.
Title: RELATIONSHIP TO THE GENERAL-PURPOSE FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic consolidated financial statements. The information in these schedules 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 and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the applicable de minimis indirect cost rate as discussed in 2 CFR 200.414.
Amounts reported in the schedules of expenditures of federal awards and state financial assistance agree with the amounts reported in the Organization’s financial statements as follows:
Reconcilation of cash expenditures: Federal cash expenditures $2,678,708 State cash expenditures $687,623 Total government grants revene $3,366,331. Reconciilation of non-profit expenditures: Federal non-cash expenditures $1,260,581 State non-cash expenditures $1,1,47,247 Other non-governmental debt obligations $47,711 Total debt $2,455,539.
Title: RELATIONSHIP TO THE FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic consolidated financial statements. The information in these schedules 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 and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the applicable de minimis indirect cost rate as discussed in 2 CFR 200.414.
Amounts reported in the accompanying schedule agree with amounts reported in the related financial reports.
Title: MAJOR PROGRAMS
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic consolidated financial statements. The information in these schedules 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 and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the applicable de minimis indirect cost rate as discussed in 2 CFR 200.414.
Major programs are identified in the Schedule of Findings and Questioned Costs section.
Title: CONTINGENCIES
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic consolidated financial statements. The information in these schedules 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 and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the applicable de minimis indirect cost rate as discussed in 2 CFR 200.414.
Each of the grantor agencies reserves the right to conduct additional audits of the Organization’s grant program for economy, efficiency and program results. However, the Organization’s management does not believe such audits would result in material amounts of disallowed costs.
Title: STATE AND FEDERAL LOANS OUTSTANDING
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. This basis of accounting is described in Note 2 to the Organization’s basic consolidated financial statements. The information in these schedules 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 and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect the applicable de minimis indirect cost rate as discussed in 2 CFR 200.414.
HABcore, Inc. had outstanding a federal loan with the New Jersey Department of Community Affairs totaling $674,240 as of January 1, 2024 and December 31, 2024 for the River Street project.
HABcore, Inc. had outstanding a federal loan with the New Jersey Department of Community Affairs totaling $586,341 as of January 1, 2024 and $586,341 as of December 31, 2024 for the Dunlewy Street project.
HABcore, Inc. had outstanding state loans with the New Jersey Housing and Mortgage Finance Agency totaling $1,147,247 as of January 1, 2024 and $817,520 as of December 31, 2024.