Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of Wofford Park, Inc., HUD Project No. 065-HD029-CA, under programs of the federal government for the year ended September 30, 2023. 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 Wofford Park, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Wofford Park, Inc. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A - Auditee does not have any indirect costs.
The accompanying schedule of expenditures of federal awards includes the federal awards activity of Wofford Park, Inc., HUD Project No. 065-HD029-CA, under programs of the federal government for the year ended September 30, 2023. 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 Wofford Park, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Wofford Park, Inc.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of Wofford Park, Inc., HUD Project No. 065-HD029-CA, under programs of the federal government for the year ended September 30, 2023. 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 Wofford Park, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Wofford Park, Inc. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A - Auditee does not have any indirect costs.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. Wofford Park, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal awards activity of Wofford Park, Inc., HUD Project No. 065-HD029-CA, under programs of the federal government for the year ended September 30, 2023. 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 Wofford Park, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Wofford Park, Inc. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A - Auditee does not have any indirect costs.
Wofford Park, Inc. has a Section 811 Supportive Housing for Persons with Disabilities program from the U.S. Department of Housing and Urban Development. The capital advance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Wofford Park, Inc. received no additional capital advance during the year. The balance of the capital advance outstanding at September 30, 2023 consists of: See the Notes to the SEFA for chart/table.