Title: Loans Outstanding
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") include the federal award and state financial activity of the Organization under programs of the federal and state government 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 State of New Jersey Circular Letter 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid (the "Circular"). Because the Schedules present only a selected portion of the operations of the Organization, they are not intended to and do not present the financial position, change in net assets or cash flows of the Organization. Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Human Services Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization had the following loan balances outstanding as of December 31, 2024.
These programs are also included in the federal expenditures presented in the Schedule as
follows:
Federal Assistance
Cluster/Program Title Listing Number Amount
Rural Rental Housing Loans - Emerald Terrace 10.415 $ 2,112,303
Rural Rental Housing Loans - Emerald Terrace 10.415 393,883
HOME Investment Partnership Program loan balance 14.239 820,000
Total Expenditures of Federal Awards $ 3,326,186
Title: Non-cash Assistance
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") include the federal award and state financial activity of the Organization under programs of the federal and state government 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 State of New Jersey Circular Letter 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid (the "Circular"). Because the Schedules present only a selected portion of the operations of the Organization, they are not intended to and do not present the financial position, change in net assets or cash flows of the Organization. Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Human Services Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The total federal expenditures reported for the Organization’s award from the U.S. Department of Health and Human Service – Head Start Program for the year ended December 31, 2024, excludes non-cash matching amounts of $1,729,237, which is required by the grantor.
Title: Reconciliation of Government Grants to Schedules
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance (the "Schedules") include the federal award and state financial activity of the Organization under programs of the federal and state government 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 State of New Jersey Circular Letter 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid (the "Circular"). Because the Schedules present only a selected portion of the operations of the Organization, they are not intended to and do not present the financial position, change in net assets or cash flows of the Organization. Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the State of New Jersey, Department of Human Services Cost Reimbursement Manual, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: Y
Rate Explanation: The Organization has elected to use 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Government grants revenue per audit: $ 12,441,135
Add: USDA-RD loan balances 2,506,186
Add: HOME Investment Partnership loan balance 820,000
Add: Emerald Terrace subsidy (rental income) 231,240
Less: County grant income not included on SEFA or SESA ( 243,999)
Adjusted government grants revenue per audit 15,754,562
Expenses per Schedules
Schedule of Federal Awards $ 14,910,396
Schedule of State Financial Assistance 844,166
Total expenses per Schedules 15,754,562
Variance $ -