Notes to SEFA
The accompanying schedule of expenditures of federal awards and schedule of expenditures of state financial assistance (the "schedules") includes the federal and state award activity of Reformed Church of Highland Park Affordable Housing Corporation under programs of the federal and state governments for the year ended December 31, 2024. The information in the 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, Department of the Treasury, OMB Policy Circular 15-08-OMB ("NJ Circular 15-08-OMB"). Because the schedules present only a selected portion of the operations of Reformed Church of Highland Park Affordable Housing Corporation, it is not intended to and does not present the financial position, changes in net assets (deficit), or cash flows of Reformed Church of Highland Park Affordable Housing Corporation.
Expenditures reported on the schedules of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and NJ Circular 15-08-OMB, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Reformed Church of Highland Park Affordable Housing Corporation did elect to use the ten percent deminimis cost rate.
The Organization has loans outstanding to the New Jersey Department of Community Affairs of $3,300,000 at December 31, 2024.