Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of LoganSquare Elderly Housing Corporation and is presented on the accrual basis of accounting. The information in thisschedule 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 thepreparation of, the basic financial statements.Logan Square Elderly Corporation was organized as a Not-For-Profit Corporation under the laws of the State ofIllinois to construct, hold, and operate an apartment complex (the Project). The Project consists of 48 unitslocated in Chicago, Illinois.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The loan balance is insured under HUD Section 207, pursuant to Section 223(f). Loans outstanding at the end ofthe year plus loans made during the year are included in the federal expenditures presented in this schedule.