The accompanying Schedule of Expenditures of Federal Awards (SEFA) and Schedule of Expenditures of State Financial Assistance (SESFA) present the federal and state financial assistance expenditures of Elizabeth Coalition to House the Homeless, Inc. for the year ended December 31, 2024. The information in these 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 the New Jersey State Grant Compliance Supplement.Because the schedules present only a selected portion of the operations of Elizabeth Coalition to House the Homeless, Inc., they are not intended to and do not present the financial position, changes in net assets, or cash flows of the organization.
Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, and the New Jersey Circular’s OMB 15-08 wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Elizabeth Coalition to House the Homeless, Inc. has not elected to use the 10% de minimis indirect cost rate as permitted under the Uniform Guidance. Indirect costs, if charged, are based on rates approved by the respective awarding agencies or are not charged at all.
Elizabeth Coalition to House the Homeless, Inc. obtained a mortgage note under the National Housing Trust Fund Program (Assistance Listing Number 14.275) from the U.S. Department of Housing and Urban Development, passed through the New Jersey Department of Community Affairs, in the amount of $1,288,925. The mortgage note was used to finance the acquisition and rehabilitation of three additional residential condominium units located on Jacques Street in Elizabeth, New Jersey. As of December 31, 2024, Elizabeth Coalition to House the Homeless, Inc. had drawn $986,181 from the mortgage note and expended $924,898 on eligible project costs. The mortgage is not forgivable; no payments are due for 30 years, after which the principal must be repaid. No interest will be charged or payable on the mortgage. In accordance with Uniform Guidance, the outstanding balance of the mortgage note as of December 31, 2024, is $986,181. The expenditures reported on the SEFA for the year ended December 31, 2024, include $924,898 related to this program.
Amounts reported in the accompanying Schedules agree to or are reconciled with the amounts reported in the related financial statements for the year ended December 31, 2024.