Title: Note 1 - Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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: The client elected not to use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
award activity of Greencastle of North Aurora, Inc, HUD Project No. 071-EE165, under programs of
the federal government 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 Greencastle of North Aurora, Inc, it is not intended to and does not present the
financial position, changes in net assets, or cash flows of Greencastle of North Aurora, Inc For the
year ended December 31, 2023, no awards were passed through to subrecipients.
Title: Note 2 - Summary of significant accounting policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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: The client elected not to use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: Note 3 - Indirect cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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: The client elected not to use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable the cost principles contained in the Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
Title: Note 4 - U.S. Department of Housing and Urban Development loan program
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following, as applicable 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: The client elected not to use the de minimis cost rate.
Greencastle of North Aurora, Inc, has received a U.S. Department of Housing and Urban
Development direct loan under Section 202 of the National Affordable Housing Act. The loan
balance outstanding at the beginning of the year is included in the federal expenditures presented
in the Schedule. Greencastle of North Aurora, Inc received no additional loans during the year. The
balance of the loan outstanding December 31, 2023 consists of:
Assistance
Listing
Number Program Name
Outstanding
Balance at
December
31, 2023
14.157 Supportive Housing for the Elderly - Capital Advance $ 7 ,842,000