Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Gramercy Park Cooperative at Lake Shore Drive 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 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 Gramercy Park Cooperative at Lake Shore Drive, it is not intended to and does not present the financial positions, changes in net assets (deficit), or cash flows of Gramercy Park Cooperative at Lake Shore Drive
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 type of expenditures are not allowable or are limited as to reimbursement. Gramercy Park Cooperative at Lake Shore Drive has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Gramercy Park Cooperative at Lake Shore Drive has received a U. S. Department of Housing and Urban Development loan under Section 213 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Gramercy Park Cooperative at Lake Shore Drive received no additional loans during the year. The balance of the loan outstanding at December 31, 2024 was $20,410,875