Title: NOTE 1 ‐ BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the 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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Oak Street Senior Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024, and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
De Minimis Rate Used: N
Rate Explanation: Oak Street Senior Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024, and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Oak Street Senior Apartments, Inc. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Oak Street Senior Apartments, Inc., it is not intended to and does not present the financial position, changes in net deficit or cash flows of Oak Street Senior Apartments, Inc.
Title: NOTE 2 ‐ SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the 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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Oak Street Senior Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024, and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
De Minimis Rate Used: N
Rate Explanation: Oak Street Senior Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024, and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
Expenditures reported on the 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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Oak Street Senior Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024, and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
Title: NOTE 3 ‐ U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN PROGRAM
Accounting Policies: Expenditures reported on the 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. Negative amounts (if any) shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. Oak Street Senior Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024, and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
De Minimis Rate Used: N
Rate Explanation: Oak Street Senior Apartments, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or before September 30, 2024, and also has not elected to use the 15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after October 1, 2024.
Oak Street Senior Apartments, Inc. has received a U.S. Department of Housing and Urban Development capital advance under Section 202 of the National Housing Act. The capital advance is included in the federal expenditures presented in the Schedule. Oak Street Senior Apartments, Inc. received no additional capital advances, or loans, during the year. The balances of the capital advance and DPG grant at December 31, 2024, were $3,894,600 and $306,580, respectively.