Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identification numbers are presented where applicable and available.
The LLC has not made an election related to the use of the 10-percent de minimis indirect cost rate described in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Only direct costs, no indirect costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Chicago Apartments LLC (the LLC) under programs of the federal government for the year ended December 31, 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the LLC, it is not intended to and does not present the financial position, changes in net assets or cash flows of the LLC.
Title: Mortgage Balance
Accounting Policies: The expenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identification numbers are presented where applicable and available.
The LLC has not made an election related to the use of the 10-percent de minimis indirect cost rate described in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Only direct costs, no indirect costs.
Expenditures reported as the HUD insured mortgage represent the beginning of the year balance of a mortgage received in previous years for which the grantor imposes continuing compliance requirements. The balance of the mortgage as of December 31, 2024 is $819,116.