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: Morgan Park & Beverly Handicapped, Inc has elected to not use the de minimis cost rate per uniform guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
award activity of Morgan Park & Beverly Handicapped, Inc, HUD Project No. 071-HH013/IL06-
Q891-013, 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 Morgan Park & Beverly Handicapped, Inc, it is not intended to
and does not present the financial position, changes in net assets, or cash flows of Morgan Park &
Beverly Handicapped, 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: Morgan Park & Beverly Handicapped, Inc has elected to not use the de minimis cost rate per uniform guidance.
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 - Capital Advances
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: Morgan Park & Beverly Handicapped, Inc has elected to not use the de minimis cost rate per uniform guidance.
The total amount funded under capital advances from HUD is reflected at its actual balance as of
December 31, 2023 in the accompanying schedule of expenditures of federal awards .
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: Morgan Park & Beverly Handicapped, Inc has elected to not use the de minimis cost rate per uniform guidance.
Morgan Park & Beverly Handicapped, Inc, has received a U.S. Department of Housing and Urban
Development direct loan under Section 811 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. Morgan Park & Beverly Handicapped, Inc received no additional loans during the
year. The balance of the loan outstanding December 31, 2023 consists of:
CFDA Number Program Name
Outstanding
Balance at
December
31, 2023
14.181 HUD Capital Advance $ 1 ,429,700
$ 1 ,429,700