Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance present the activity of all financial assistance programs of the Organization. The information in these schedules are presented in accordance with the audit requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and New Jersey 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Because the schedules present only a selected portion of the operations of Advance Housing, Inc. and Affiliates, it is not intended to and does not present the financial position, changes in net assets or cash flows of Advance Housing, Inc. and Affiliates, Inc. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. All state awards received directly from state agencies, as well as state awards passed through other government agencies are included in the schedule of expenditures of state financial assistance. Federal award program titles are reported as presented in the Catalog of Federal Domestic Assistance (CFDA).
The accompanying schedule of expenditures of federal awards and state financial assistance are presented using the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey 15-08-OMB, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Advance Housing Inc. and Affiliates have not elected to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Advance Housing, Inc. and Affiliates had the following loan balances outstanding at December 31, 2024. Loan proceeds expended during the year are included in the Schedules of Expenditures of Federal, State, and Local Awards.