Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal awards activity of Tushim Manor, Inc. under programs of the federal government for the year ended December 31, 2024. 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).
Community Action Partnership of Mercer County, Inc., and Affiliates has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
HUD has made a Section 202 Capital Advance to Tushim Manor, Inc., for the purpose of funding the major portion of the cost of the apartment complex. The total amount of the advance is $ 2,276,900 at December 31, 2024. No interest or repayment of the advance is required as long as the Organization operates the apartment complex for very low‑income elderly persons for not less than 40 years from September 30, 2002. Until August 1, 2043, the Section 202 Capital Advance will continue to be reported on the Schedule as a major program for the full amount of the advance.