Notes to SEFA
Accounting Policies: NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Basis of Presentation
This schedule of expenditures of federal awards includes the federal grant activity of Cicero Housing Development Fund Company, Inc. (Sacred Heart Apartments), HUD Project No. 014-11192, 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Insured Mortgage
Sacred Heart Apartments obtained from HUD a guarantee of its mortgage payable. The outstanding balance of this mortgage at March 31, 2024 was $1,287,887.
Indirect Costs
Sacred Heart Apartments has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs
The Corporation has elected not to use the 10% de minimis indirect cost rate as allowed under the
Uniform Guidance.