Title: Awards of Subsidiaries
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of MEND, Inc. (MEND) under programs of the federal government for the year ended December 31, 2022. The information in this Schedule 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). Because the Schedule presents only a selected portion of the operations of MEND, it is not intended to and does not present the financial position, change in net assets or cash flows of MEND.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule includes the federal grant activity of MEND only. The othersubsidiaries are excluded. Each individual entity was subject to testing under the Uniform Guidance as applicable in their respective standalone financial statements.
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of MEND, Inc. (MEND) under programs of the federal government for the year ended December 31, 2022. The information in this Schedule 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). Because the Schedule presents only a selected portion of the operations of MEND, it is not intended to and does not present the financial position, change in net assets or cash flows of MEND.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were $1,804,154. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were $441,403.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of MEND, Inc. (MEND) under programs of the federal government for the year ended December 31, 2022. The information in this Schedule 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). Because the Schedule presents only a selected portion of the operations of MEND, it is not intended to and does not present the financial position, change in net assets or cash flows of MEND.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Reconciliation of Government Grants to Schedule
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of MEND, Inc. (MEND) under programs of the federal government for the year ended December 31, 2022. The information in this Schedule 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). Because the Schedule presents only a selected portion of the operations of MEND, it is not intended to and does not present the financial position, change in net assets or cash flows of MEND.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Government subsidies - MEND, Inc. per audit: $ 195,970Less: State of New Jersey subsidies ( 39,615)Less: Burlington County subsidies ( 19,648)Adjusted government subsidies 136,707Add: Outstanding loan balances 1,945,557Adjusted balance 2,082,264Total per Schedule of Federal Awards 2,082,264Variance $ -