Title: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
of the Organization 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirement 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 Organization has not elected to use the 10% de minimus indirect cost rate as allowed in the
Uniform Guidance, Section 414.
McHenry County Community Homes, Inc. (the Organization) is a nonprofit organization
organized under the laws of the State of Illinois for the purpose of operating Towerview
Apartments, a 44-unit apartment complex for low-income individuals, located in McHenry,
Illinois, which was purchased on September 23, 1994. The accompanying schedule of expenditures of federal awards includes the federal grant activity
of the Organization 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirement 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.
Title: Federal Loan
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
of the Organization 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirement 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 Organization has not elected to use the 10% de minimus indirect cost rate as allowed in the
Uniform Guidance, Section 414.
The expenditures of the Illinois Housing Development Authority Loan represent the outstanding
balance of the loan as of December 31, 2022. The original amount of the loan issued in 1996 was
$2,529,536.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
of the Organization 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirement 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 Organization has not elected to use the 10% de minimus indirect cost rate as allowed in the
Uniform Guidance, Section 414.
The Organization did not provide federal awards to subrecipients during the year ended
December 31, 2023.
Title: Indirect Cost
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
of the Organization 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirement 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 Organization has not elected to use the 10% de minimus indirect cost rate as allowed in the
Uniform Guidance, Section 414.
The Organization has not elected to use the 10% de minimus indirect cost rate as allowed in the
Uniform Guidance, Section 414.