Notes to SEFA
Title: FEDERAL LOANS OUTSTANDING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes all federal grant activity of Springfield Residential Services HUD Project No. 072-HD002/IL06-Q911-002 (Project) 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 (Uniform Guidance). 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 auditee did not elect to use the de minimis cost rate.
The development and construction of the Project was substantially funded under a noninterest bearing Mortgage Agreement with HUD. SRS received $954,600 from HUD for the Project construction costs under this Agreement. The Project is not required to make payments on the mortgage through May 1, 2035, provided it maintains housing in accordance with the Agreement. As of May 1, 2035, if all requirements have been met, the mortgage will be considered discharged. The Agreement is collateralized by a mortgage on the Project's property and equipment. The project had the following loan balance outstanding related to their HUD Project at September 30, 2024: Federal Grantor/Pass-through Grantor/Program Title: U.S. Department of Housing and Urban Development: Supportive Housing for Persons with Disabilities, ALN: 14.181, Grantor's Number: N/A, Loan Balance: $954,600
Title: ADDITIONAL INFORMATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes all federal grant activity of Springfield Residential Services HUD Project No. 072-HD002/IL06-Q911-002 (Project) 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 (Uniform Guidance). 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 auditee did not elect to use the de minimis cost rate.
The Project did not receive any federal insurance or federal non-cash assistance and did not have any sub-recipients. The Project did not elect to use the 10% de minimis indirect cost rate.