Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying schedules of federal and state awards ("schedules") include the federal and state grant activity of the Organization and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey Office of Management and Budget Circular Letter 15-08. Because the schedules present 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.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the de minimis cost rate when allocating indirect costs to federal and state programs.
During the year ended December 31, 2024, the Organization did not provide any funds relating to its federal and state programs to subrecipients.
Title: Loan Programs
Accounting Policies: The accompanying schedules of federal and state awards ("schedules") include the federal and state grant activity of the Organization and are presented on the accrual basis of accounting. The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey Office of Management and Budget Circular Letter 15-08. Because the schedules present 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.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the de minimis cost rate when allocating indirect costs to federal and state programs.
For the purpose of determining the value of federal or state awards expended, management has determined that there are continuing compliance requirements related to its loans. Accordingly, the value of federal or state awards expended was based on the balance of outstanding loans at the beginning of the year plus the amount of loans proceeds received during the year ended December 31, 2024.