Notes to SEFA
Title: LOAN AND LOAN GUARANTEE PROGRAMS:
Accounting Policies: The accompanying schedules of expenditures of federal and state awards includes the federaland state grant activity of Isles, Inc. and Subsidiaries (Organization) and are presented on theaccrual basis of accounting. The information in the schedules is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards and New JerseyOffice of Management and Budget Circular Letter 15-08. Therefore, some amounts presentedin the schedules may differ from amounts presented in, or used in the preparation of, theconsolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of December 31, 2022, the Organization had a loan with an ending balance of $82,000 with the State of New Jersey Department of Consumer Affairs HOME Housing Production Investment Fund.
Title: Subrecipients
Accounting Policies: The accompanying schedules of expenditures of federal and state awards includes the federaland state grant activity of Isles, Inc. and Subsidiaries (Organization) and are presented on theaccrual basis of accounting. The information in the schedules is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards and New JerseyOffice of Management and Budget Circular Letter 15-08. Therefore, some amounts presentedin the schedules may differ from amounts presented in, or used in the preparation of, theconsolidated financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended December 31, 2022, the Organization did not provide any funds relating to their federal programs to subrecipients.