The accompanying Schedule of Expenditures of Federal Awards, (the "Schedule"), includes the federal awards activity of Homes of Montclair Ecumenical Corp., under programs of the federal government for the year ended June 30, 2024. All financial awards received directly from federal agencies as well as financial awards passed through other governmental agencies or not-for-profit organizations are included on the schedule. The information in the 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). Because the Schedule presents only a selected portion of the operations of Homes of Montclair Ecumenical Corp., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Homes of Montclair Ecumenical Corp.
The Schedule is presented using the accrual basis of accounting. The amounts recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and/or OMB Circular A-122, Cost Principles for Non- profit Organizations where certain types of expenditures are not allowable or are limited as to reimbursement. If present, negative amounts reflected in the schedule represent adjustments or credit resulting from the normal course of business to amounts reported as expenditures in prior years. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted to federal and funding agencies due to those reports being submitted on either a cash or modified accrual basis of accounting. The schedule includes certain federal loan programs administered by federal agencies, see note 6 below.
The Schedule is presented for purposes of additional analysis as required by the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and is not a required part of the basic financial statements. Federal expenditures reported on the Schedule consist solely of federal loan programs. Loan proceeds received during the year and loan balances outstanding at year end are included on the Schedule in accordance with the Uniform Guidance. Federal loan proceeds reported on the Schedule are included in mortgages payable on the accompanying statement of financial position. The outstanding loan balances disclosed on the Schedule at year end agree to the amounts reported as mortgages payable in the basic financial statements. There were no federal grant expenditures reported in the Schedule for the year ended June 30, 2024.
Homes of Montclair Ecumenical Corp. has elected not to use the 10% de minimus indirect cost rates as allowed under Uniform Guidance.
During the year ended June 30, 2024, the Organization did not provide any funds relating to their programs to subrecipients.
The Organization had the following balances on its federal loans outstanding as of June 30, 2024: Home Program Funds $ 200,000 Home Program Funds 17,477 Home Program Funds 56,700 Home Program Funds 80,000 Home Program Funds 251,740 Home Program Funds 90,006 NJDCA, original loan $854,500, plus accrued interest 1,022,147 NJDCA, original loan $503,480 plus accrued interest 576,803 NJDCA, National Housing Trust Fund 700,000 $ 2,994,873