Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance present the activity of all financial assistance programs of the Organization. The information in these schedules are presented in accordance with the audit requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and New Jersey OMB Circular 25-12, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Because the schedules present only a selected portion of the operations of Advance Housing, Inc. and Affiliates, it is not intended to and does not present the financial position, changes in net assets or cash flows of Advance Housing, Inc. and Affiliates. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic combined financial statements. All state awards received directly from state agencies, as well as state awards passed through other government agencies are included in the schedule of expenditures of state financial assistance. Federal award program titles are reported as presented in the Assistance Listing.
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 Organizations 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Demarest Farms 2, Inc. did not elect to use the ten percent de-minimum cost rate.
Demarest Farms 2, Inc. had the following loan balance outstanding at December 31, 2025. Loans made during the year are also included in the Schedule of Expenditures of Federal Awards.