Notes to SEFA
Title: FEDERAL LOANS OUTSTANDING
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes all federal grant activity of St. Anne Residence, Project No. 072-EE148/IL06-S021-012 (Project) 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. 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 Project has not elected to use 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The development and construction of the Project was substantially funded under a noninterest bearing Mortgage Agreement with HUD. The Project received $3,099,800 from HUD for the Project construction costs under this Agreement. The Project is not required to make payments on the mortgage through August 1, 2045, provided it maintains housing in accordance with the Agreement. As of August 1, 2045, if all requirements have been met, the mortgage will be considered discharged. The Agreement is collateralized by a mortgage on the Project’s property and equipment.
Title: ADDITIONAL INFORMATION
Accounting Policies: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes all federal grant activity of St. Anne Residence, Project No. 072-EE148/IL06-S021-012 (Project) 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. 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 Project has not elected to use 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Project did not receive any federal awards in the form of noncash assistance or insurance in effect during the year ended June 30, 2024. In addition, the Project did not pass through any federal awards to subrecipients.