Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of the Authority under programs of the federal government for the year ended December 31, 2024. The information in the 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 operations of the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the financial statements.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
The Authority has not elected to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
The total amounts of Capital Fund Program Costs and Advances incurred and earned by the Authority as of and for the year ended December 31, 2024 are provided herein: 501-21 501-23 Totals Budget $ 372,848 $ 469,114 $ 841,962 Advances: Cumulative through 12/31/2023 $ - $ - $ - Current Year 102,068 368,524 470,592 Cumulative through 12/31/2024 102,068 368,524 470,592 Costs: Cumulative through 12/31/2023 - - - Current Year 102,068 368,524 470,592 Cumulative through 12/31/2024 102,068 368,524 470,592 Excess / (Deficiency) $ - $ - $ - As of December 31, 2024, Public Housing Capital Fund Grant IL01P037501-21 with approved funding of $372,848 has been fully drawn down and expended as per Capital Fund Grant Regulations.