Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance (the "Schedule")includes the federal award activity of New Community Orange Senior Housing Corporation (the " Organization ") under programs of the federal and state governments for the year ended April 30, 2026 . The information in thisSchedule 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 ("UniformGuidance"), and Audits of States, Local Governments, and Non-Profit Organizations . Because the Schedulepresents only a selected portion of the operations of New Community Orange Senior Housing Corporation , it is notintended to and does not present the financial position, changes in net position, or cash flows of New CommunityOrange Senior Housing Corporation . Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursements.
Expenditures reported on the Schedule are reported on the basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule representadjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. accrual
The project was financed by capital advances from the U.S. Department of Housing and Urban Development(“HUD”) and the State of New Jersey Department of Consumer Affairs totaling $10,358,900. The advances aresecured by enforcement mortgages on the property of the Organization. The mortgages, which mature in April2043, bear no interest and repayment is not required so long as the housing remains available for very low-incomeelderly persons or very low-income persons with disabilities. As of April 30, 2026 and 2025 , the enforcementmortgages amounted to $10,358,900. Since the mortgages are not repayable and are forgiven at the end of theenforcement period so long as the Organization complies with HUD regulations, the proceeds from the mortgagehave been recorded as net assets with donor restrictions.
The Organization has not previously received a negotiated indirect cost rate nor has it elected to use the 10% deminimis indirect cost rate allowable under the Uniform Guidance.