Title: 1
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of Crystal
Lake Preservation Corporation 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.
Crystal Lake Preservation Corporation was organized as a Not-For-Profit Corporation under the laws of the
State of Illinois to construct, hold, and operate an apartment complex (the Project). The Project consists of 80
units located in Chicago, Illinois known as Crystal Terrace Apartments.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimums indirect cost rate as allowed in the Uniform
Guidance, Section 414.
The accompanying schedule of expenditures of federal awards includes the federal program activity of Crystal
Lake Preservation Corporation 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.
Crystal Lake Preservation Corporation was organized as a Not-For-Profit Corporation under the laws of the
State of Illinois to construct, hold, and operate an apartment complex (the Project). The Project consists of 80
units located in Chicago, Illinois known as Crystal Terrace Apartments.
Title: 2
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of Crystal
Lake Preservation Corporation 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.
Crystal Lake Preservation Corporation was organized as a Not-For-Profit Corporation under the laws of the
State of Illinois to construct, hold, and operate an apartment complex (the Project). The Project consists of 80
units located in Chicago, Illinois known as Crystal Terrace Apartments.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimums indirect cost rate as allowed in the Uniform
Guidance, Section 414.
As of December 31, 2024, the loan balance is $3,343,531. The loan does not have to be paid back under the stipulation that the Corporation rents only to qualified tenants for 40 years as defined by HUD.
Title: 3
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of Crystal
Lake Preservation Corporation 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.
Crystal Lake Preservation Corporation was organized as a Not-For-Profit Corporation under the laws of the
State of Illinois to construct, hold, and operate an apartment complex (the Project). The Project consists of 80
units located in Chicago, Illinois known as Crystal Terrace Apartments.
De Minimis Rate Used: N
Rate Explanation: The Corporation has not elected to use the 10% de minimums indirect cost rate as allowed in the Uniform
Guidance, Section 414.
The Corporation has not elected to use the 10% de minimums indirect cost rate as allowed in the Uniform Guidance, Section 414.