Notes to SEFA
Title: Basis of Presentation
Accounting Policies: See Next Page
De Minimis Rate Used: N
Rate Explanation: See Next Page
The accompanying consolidated schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lester and Rosalie Anixter Center and Affiliates under programs of the federal government for the year ended June 30, 2023. The federal award activity of the affiliates is to operate Department of Housing and Urban Development (HUD)-financed properties under programs of the federal government for the year ended June 30, 2023. 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 Lester and Rosalie Anixter Center and Affiliates, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of Lester and Rosalie Anixter Center and Affiliates.
Title: Summary of Significant Accounting Policies
Accounting Policies: See Next Page
De Minimis Rate Used: N
Rate Explanation: See Next Page
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: Indirect Cost Rate
Accounting Policies: See Next Page
De Minimis Rate Used: N
Rate Explanation: See Next Page
Lester and Rosalie Anixter Center and Affiliates has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: U.S. Department of Housing and Urban Development Loan Program
Accounting Policies: See Next Page
De Minimis Rate Used: N
Rate Explanation: See Next Page
Anixter Village; The Center Apartments for the Disabled; Crystal Courts; Halsted Apartments, NFP; and Housing Opportunities for Persons with Disabilities have received HUD capital advances under Section 811 of the National Housing Act. There were no additional loans during the year ended June 30, 2023. The outstanding Section 811 Capital Advance in the amount of $8,960,600 as of June 30, 2023 is included in the federal expenditures presented in the Schedule under Federal CFDA Number 14.181. Chase Apartments and Clark Street Apartments have received a HUD loan under Section 202 of the National Housing Act. There were no additional loans during the year ended June 30, 2023. The outstanding loan balance of $174,386 as of June 30,2023 is included in the federal expenditures presented in the Schedule under Federal CFDA Number 14.157.