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: CASL Senior Housing, has not elected to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards ("Schedule") includes the federal
award activity of CASL Senior Housing, HUD Project No. 071-EE039/IL06-S931-00 I, under
programs of the federal government for the year ended June 30, 2024. 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 CASL Senior Housing, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of CASL Senior Housing. For
the year ended June 30, 2024, 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: CASL Senior Housing, has not elected to use the 10-percent de minimis indirect cost rate allowed
under the 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 advance
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: CASL Senior Housing, has not elected to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
The total amount funded under capital advances from HUD is reflected at its actual balance as of
June 30, 2024 in the accompanying schedule of expenditures of federal awards.
Title: Note 4 - 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: CASL Senior Housing, has not elected to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
CASL Senior Housing, has not elected to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
Title: Note 5 - 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: CASL Senior Housing, has not elected to use the 10-percent de minimis indirect cost rate allowed
under the Uniform Guidance.
CASL Senior Housing, has received a U.S. Department of Housing and Urban Development direct
loan under Section 202 of the Housing Act 1959. The loan balance outstanding at the beginning of
the year is included in the federal expenditures presented in the Schedule. CASL Senior Housing
received no additional loans during the year. The balance of the loan outstanding June 30, 2024
consist of: CFDA Number Program Name
Outstanding
Balance at June
30, 2024
14.157 Supporting Housing for the Elderly - Capital Advance $ 6 ,729,700
$ 6 ,729,700