Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT MORTGAGE INSURANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Cicero Housing Development Fund Company, Inc. (Sacred Heart Apartments), FHA Project No. 014-11192, 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 Sacred Heart Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Sacred Heart Apartments.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Sacred Heart Apartments has received a U.S. Department of Housing and Urban Development insured loan under Section 207/223(f) 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. Sacred Heart Apartments received no additional loans during the year. The balance of the loan outstanding as of March 31, 2022 consists of: See Corrective Action Plan for chart/table
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Cicero Housing Development Fund Company, Inc. (Sacred Heart Apartments), FHA Project No. 014-11192, 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 Sacred Heart Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Sacred Heart Apartments.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Sacred Heart Apartments did not pass any federal funds to subrecipients for the year ended March 31, 2022.