Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofBridgeview Housing Corporation, HUD Project No. 072-HD-107, and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements of theUniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presentedin, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no amounts passed through to subrecipients during the year ended June 30, 2022.
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofBridgeview Housing Corporation, HUD Project No. 072-HD-107, and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements of theUniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presentedin, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 814400.
Title: Non-Cash Assistance, Federal Insurance and Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity ofBridgeview Housing Corporation, HUD Project No. 072-HD-107, and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with the requirements of theUniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presentedin, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There was no non-cash assistance received and there was no federal insurance in effect during year endedJune 30, 2022. As of the year ended June 30, 2022, Bridgeview Housing Corporation had received capitaladvances totaling $814,400 from the Department of Housing and Urban Development (Section 811) toconstruct its facility. The capital advance bears no interest and repayment is not required as long as thehousing remains available for low-income persons with disabilities for not less than 40 years. The balance atJune 30, 2022 is reflected in the schedule of expenditures of federal awards.