Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards include the federal award activity of Webb Park, Inc., HUD Project No. 065-HD019-CA, under programs of the federal government of the year ended June 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 Webb Park, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Webb 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. Webb Park, Inc. has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee only had direct costs related to their federal awards so the indirect cost rate did not apply.