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: They elected to not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
award activity of Greencastle of Loves Park, Inc, HUD Project No. 071-EE144/IL06-S991-001,
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 Loves Park, Inc, it is not intended to and does
not present the financial position, changes in net assets, or cash flows of Greencastle of Loves
Park, 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: They elected to not 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: They elected to not use the de minimis cost rate
Greencastle of Loves Park, Inc has not elected to use the 10-percent de minimis indirect cost rate
allowed under the Uniform Guidance.
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: They elected to not use the de minimis cost rate
Greencastle of Loves Park, 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. Greencastle of Loves Park, 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 $ 3 ,338,700