Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of Logan Square Elderly Housing Corporation 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Logan Square Elderly Corporation was organized as a Not-For-Profit Corporation under the laws of the State of Illinois to construct, hold, and operate an apartment complex (the Project). The Project consists of 48 units
located in Chicago, Illinois.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimums indirect cost rate as allowed in the Uniform Guidance, Section 414.
The loan balance is insured under HUD Section 207, pursuant to Section 223(f). Loans outstanding at the end of the year plus loans made during the year are included in the federal expenditures presented in this schedule.