Notes to SEFA
Title: SECTION 202 CAPITAL ADVANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the OMB Circular A122 and Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
At December 31, 2022, Highland Park NonProfit Housing had the following Section 202 capital advance fund which is presented within net assets with donor restrictions. The capital advance is also included in the federal expenditures presented. Program or cluster title: Supportive Housing for The Elderly (Selection 202), Federal ALN:14.157; Balances outstanding at the end of the audit period were $5,479,700.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the OMB Circular A122 and Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Highland Park NonProfit Housing (the Organization) under programs of 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 operation of the Organization, it is not intended to and does not resent the financial position, changes in net assets (deficit), or cash flows of the Organization.