Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal program activity of Armitage Commons Preservation NFP 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. Armitage Commons Preservation NFP 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 104 units located in Chicago, Illinois.
As of December 31, 2024, the loan balance is $7,215,007. The loan balance is insured under HUD Section 207, pursuant to Section 223(f).
The Corporation has not elected to use the 10% de minimus indirect cost rate as allowed in the Uniform Guidance, Section 414.