Notes to SEFA
The accompanying Combined and Consolidated Schedules of Expenditures of Federal Awards and Contracts and State Financial Assistance includes the Federal, State, and Local grant and loan activity of New Jersey Community Development Corporation and Affiliates and is presented on the accrual basis of accounting. 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”) and NJ OMB Circular 15-08. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, the preparation of the basic combined and consolidated financial statements.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the Cost Principles for Non-Profit Agencies or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and NJ OMB Circular 15-08, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
NJCDC and Affiliates have not elected to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance.
New Jersey Community Development Corporation and Affiliates had the following loan balances outstanding at June 30, 2025. Loan proceeds expended during the year are included in the Combined and Consolidated Schedules of Expenditures of Federal Awards and Contracts and State Financial Assistance.