Title: 1
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of West
Chicago 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.
West Chicago Preservation Corporation (the Corporation) was organized as a Not-For-Profit Corporation under
the laws of the State of Illinois on June 15, 1993 (inception) to acquire, hold, and operate an apartment complex
in West Chicago, Illinois consisting of 189 units.
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 West
Chicago 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.
West Chicago Preservation Corporation (the Corporation) was organized as a Not-For-Profit Corporation under
the laws of the State of Illinois on June 15, 1993 (inception) to acquire, hold, and operate an apartment complex
in West Chicago, Illinois consisting of 189 units.
Title: 2
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of West
Chicago 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.
West Chicago Preservation Corporation (the Corporation) was organized as a Not-For-Profit Corporation under
the laws of the State of Illinois on June 15, 1993 (inception) to acquire, hold, and operate an apartment complex
in West Chicago, Illinois consisting of 189 units.
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 $13,210,549. The loan is insured under HUD Section 207,
pursuant to Section 223(f).
Title: 3
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of West
Chicago 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.
West Chicago Preservation Corporation (the Corporation) was organized as a Not-For-Profit Corporation under
the laws of the State of Illinois on June 15, 1993 (inception) to acquire, hold, and operate an apartment complex
in West Chicago, Illinois consisting of 189 units.
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.