Notes to SEFA
Title: Non-Cash Assistance, Federal Insurance and Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Bridgeview Housing Corporation, HUD Project No. 072-HD-129, and is presented on the accrual basis of
accounting. The information in this schedule is presented in accordance with the requirements of the
Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There was no non-cash assistance received and there was no federal insurance in effect during year ended
June 30, 2023. As of the year ended June 30, 2023, Bridgeview Housing Corporation had received capital
advances totaling $1,550,100 from the Department of Housing and Urban Development (Section 811) to
construct its facility. The capital advance bears no interest and repayment is not required as long as the
housing remains available for low-income persons with disabilities for not less than 40 years. The balance at
June 30, 2023 is reflected in the schedule of expenditures of federal awards.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Bridgeview Housing Corporation, HUD Project No. 072-HD-129, and is presented on the accrual basis of
accounting. The information in this schedule is presented in accordance with the requirements of the
Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no amounts passed through to subrecipients during the year ended June 30, 2023.