Notes to SEFA
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Senior Citizens
Housing Development Corporation of Chicago 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 (Schedule) includes the federal award
activity of Senior Citizens Housing Development Corporation of Chicago, operating as Senate
Apartments, HUD Project No.071-EH002, and is presented on the accrual basis of accounting. 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 Senior Citizens Housing Development Corporation of Chicago, it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Senior
Citizens Housing Development Corporation of Chicago.