Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: 1. 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 Guide, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 2. The above programs on page 10 and 11, 14.218 Community Development Block Grant Program, 14.181, Giddings Corporation Capital Advance Program, and 14.181, Housing Assistance Payments Program, 14.157 Housing Assistance Payments Program, and 14.191 Service Coordinator Program are low risk Type A and B programs. 3. The Oak Park Residence Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Oak Park Residence Corporation 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 (the ‘Schedule’) includes the federal grant activity of the Organization under programs of the federal government as of and for the year ended December 31, 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 Oak Park Residence Corporation, The Oaks Section 202 LLC and Elizabeth H. and Cyrus V. Giddings Corporation, it is not intended to and does not present the financial position, changes in its net assets, functional expenses or cash flows of Oak Park Residence Corporation, The Oaks Section 202 LLC and Elizabeth H. and Cyrus V. Giddings Corporation.
Title: NOTE B – SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 1. 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 Guide, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 2. The above programs on page 10 and 11, 14.218 Community Development Block Grant Program, 14.181, Giddings Corporation Capital Advance Program, and 14.181, Housing Assistance Payments Program, 14.157 Housing Assistance Payments Program, and 14.191 Service Coordinator Program are low risk Type A and B programs. 3. The Oak Park Residence Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Oak Park Residence Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
1. 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 Guide, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE B – SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 1. 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 Guide, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 2. The above programs on page 10 and 11, 14.218 Community Development Block Grant Program, 14.181, Giddings Corporation Capital Advance Program, and 14.181, Housing Assistance Payments Program, 14.157 Housing Assistance Payments Program, and 14.191 Service Coordinator Program are low risk Type A and B programs. 3. The Oak Park Residence Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Oak Park Residence Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
2. The above programs on page 10 and 11, 14.218 Community Development Block Grant Program, 14.181, Giddings Corporation Capital Advance Program, and 14.181, Housing Assistance Payments Program, 14.157 Housing Assistance Payments Program, and 14.191 Service Coordinator Program are low risk Type A and B programs.
Title: NOTE B – SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 1. 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 Guide, wherein certain types of expenditures are not allowable or are limited as to reimbursement. 2. The above programs on page 10 and 11, 14.218 Community Development Block Grant Program, 14.181, Giddings Corporation Capital Advance Program, and 14.181, Housing Assistance Payments Program, 14.157 Housing Assistance Payments Program, and 14.191 Service Coordinator Program are low risk Type A and B programs. 3. The Oak Park Residence Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Oak Park Residence Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
3. The Oak Park Residence Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.