Audit 45125

Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Neighborhood Housing Services of Chicago, Inc. and Related Entities (the Organization) under programs of the federal government for the year ended March 31, 2022. 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, functional expenses, or cash flows of the Organization.The consolidated financial statements include the accounts of Neighborhood Housing Services of Chicago, Inc. (NHS) and Related Entities, whether wholly owned or for which NHS owns the general partner interest and controls the limited partnership. The following entities are included in the consolidated financial statements for the years ended March 31, 2022:? Neighborhood Housing Services of Chicago, Inc.? Neighborhood Lending Services, Inc.? NHS Redevelopment Corporation? NHSRC Initiatives, Inc.? NHSRC Finance LLCExpenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement, except for expenditures related to ALN 21.019, Coronavirus Relief Fund (CRF). CRF does not apply the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards but rather applies the U.S. Department of Treasurys guidance and frequently asked questions as outlined in the 2021 Compliance Supplement Addendum. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The pass through entity identifying numbers are presented where available.The Organization has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.