Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal program activity of Logan Square Elderly Housing 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. Logan Square Elderly Corporation 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 48 units located in Chicago, Illinois.
As of December 31, 2025 and 2024, the loan balance is $2,909,636 and $3,025,116, respectively. The loan balance is insured under HUD Section 207, pursuant to Section 223(f).
The Corporation has not elected to use the 10% de minimums indirect cost rate as allowed in the Uniform Guidance, Section 414.