Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 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 26, 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 2033867.