Title: Basis of Presentation
Accounting Policies: Expenditures reported on this schedule are reported on the accrual basis of accounting which is
described in Note 2 to the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: Jersey City UAW Senior Citizens Housing Company, Inc., HUD Project No. 031-11077 has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activity of all federal
financial assistance programs of Jersey City UAW Senior Citizens Housing Company, Inc., HUD
Project No. 031-11077. 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 Jersey City UAW
Senior Citizens Housing Company, Inc., HUD Project No. 031-11077, it is not intended to and
does not present the financial position, changes in net assets, or cash flows of Jersey City UAW
Senior Citizens Housing Company, Inc., HUD Project No. 031-11077.
Title: Sub-recipients
Accounting Policies: Expenditures reported on this schedule are reported on the accrual basis of accounting which is
described in Note 2 to the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: Jersey City UAW Senior Citizens Housing Company, Inc., HUD Project No. 031-11077 has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
No federal awards were provided to sub-recipients
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: Expenditures reported on this schedule are reported on the accrual basis of accounting which is
described in Note 2 to the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: Jersey City UAW Senior Citizens Housing Company, Inc., HUD Project No. 031-11077 has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Jersey City UAW Senior Citizens Housing Company, Inc., HUD Project No. 031-11077 has
received a U.S. Department of Housing and Urban Development 223(f) direct loan of the
National Housing Act. The loan balance outstanding at the beginning of the year is included in
the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The
Corporation received no additional loans during the year. The balance of the loan outstanding at
September 30, 2023 is $3,627,661.
Title: Single Audit- Type A/Type B Program Threshold
Accounting Policies: Expenditures reported on this schedule are reported on the accrual basis of accounting which is
described in Note 2 to the financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: Jersey City UAW Senior Citizens Housing Company, Inc., HUD Project No. 031-11077 has elected
not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Dollar threshold used to distinguish between Type A and Type B programs is $750,000. Single
Audit expenditure threshold requirement is $750,000.