The accompanying consolidated schedules of expenditures of federal awards and state financial assistance present the activity of all federal and state awards of HABcore, Inc. and Affiliate. The Organization is defined in Note 1 of the basic consolidated financial statements. The information in these consolidated schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB’s Circular 25-12, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies are included on the consolidated schedules of expenditures of federal awards and state financial assistance.
Amounts reported in the consolidated schedules of expenditures of federal awards and state financial assistance agree with the amounts reported in the Organization’s consolidated financial statements as follows: Reconciliation of cash expenditures: Federal cash expenditures $3,137,658, State cash expenditures $790,619, Total Federal & state revenue $3,928,277. NJ DCA State rental assistance program (Note 11) $305,893, Government grants $3,622,384, Total federal & state revenues $3,928,277. Reconciliation of non-cah expenditures: Federal non-cash expenditures $4,154,360, State non-cash expenditures $1,147,247, Other non-governmental debt obligations $422,475, Total debt $5,724,082.
Amounts reported in the accompanying consolidated schedules agree with amounts reported in the related financial reports.
Major programs are identified in the Consolidated Schedule of Findings and Questioned Costs
Each of the grantor agencies reserves the right to conduct additional audits of the Organization’s grant program for economy, efficiency and program results. However, the Organization’s management does not believe such audits would result in material amounts of disallowed costs.
See Financial Statements.