Notes to SEFA
Title: NOTE C - U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT DIRECT LOAN PROGR
Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activity ofSenior Citizens Housing Development Corporation of Chicago, operating as Senate Apartments, HUDProject No.071-EH002, and is presented on the accrual basis of accounting. The information in thisschedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the Schedule presents only a selected portion of the operationsof Senior Citizens Housing Development Corporation of Chicago, it is not intended to and does notpresent the financial position, changes in net assets, or cash flows of Senior Citizens HousingDevelopment Corporation of Chicago.NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Senior Citizens Housing Development Corporation of Chicago has elected not to use the 10-percent de minimis indirectcost rate allowed under the Uniform Guidance.
Senior Citizens Housing Development Corporation of Chicago has received a U.S. Department of Housing and Urban Development direct loan under Section 202 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Senior Citizens Housing Development Corporation of Chicago received no additional loans during the year. As of June 30, 2022, the loan was paid in full.