Title: (1) Basis of Presentation
Accounting Policies: (1) Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Woodlawn Senior Housing, Inc. (the Project) and is presented using the accrual basis of
accounting. The information in this schedule is presented in accordance with the audit 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 the Project, it is not intended to and does not present the financial
position, changes in net deficit, or cash flows from the Project.
(2) Summary of Significant Accounting Policies
Expenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basis
of accounting as more fully described in Note 1 to the Project financial statements, as well as in
accordance with the Uniform Guidance. 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: (4) Indirect Cost Rate
The Project has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform
Guidance Section 200.414.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Woodlawn Senior Housing, Inc. (the Project) and is presented using the accrual basis of
accounting. The information in this schedule is presented in accordance with the audit 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 the Project, it is not intended to and does not present the financial
position, changes in net deficit, or cash flows from the Project.
Title: (2) Summary of Significant Accounting Policies
Accounting Policies: (1) Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Woodlawn Senior Housing, Inc. (the Project) and is presented using the accrual basis of
accounting. The information in this schedule is presented in accordance with the audit 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 the Project, it is not intended to and does not present the financial
position, changes in net deficit, or cash flows from the Project.
(2) Summary of Significant Accounting Policies
Expenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basis
of accounting as more fully described in Note 1 to the Project financial statements, as well as in
accordance with the Uniform Guidance. 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: (4) Indirect Cost Rate
The Project has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform
Guidance Section 200.414.
Expenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basis
of accounting as more fully described in Note 1 to the Project financial statements, as well as in
accordance with the Uniform Guidance. 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.
Title: (3) Supportive Housing for the Elderly
Accounting Policies: (1) Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Woodlawn Senior Housing, Inc. (the Project) and is presented using the accrual basis of
accounting. The information in this schedule is presented in accordance with the audit 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 the Project, it is not intended to and does not present the financial
position, changes in net deficit, or cash flows from the Project.
(2) Summary of Significant Accounting Policies
Expenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basis
of accounting as more fully described in Note 1 to the Project financial statements, as well as in
accordance with the Uniform Guidance. 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: (4) Indirect Cost Rate
The Project has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform
Guidance Section 200.414.
As of June 30, 2023, the Project has an outstanding balance due to the U.S. Department of Housing and
Urban Development in the amount of $6,522,200, which is reported in the financial statements in the line
item “Capital advance.” The federal government imposes continuing compliance requirements under
Assistance Listing Number (ALN) No. 14.157, Supportive Housing for the Elderly (Section 202), for the
balance of the loan. Per Section 200.502 of the Uniform Guidance, the balance of loans or loan guarantee
programs with continuing compliance requirements should be shown on the Schedule as of the beginning
of the audit period. The July 1, 2022 balance of the loan was $6,522,000.
Title: (4) Indirect Cost Rate
Accounting Policies: (1) Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of Woodlawn Senior Housing, Inc. (the Project) and is presented using the accrual basis of
accounting. The information in this schedule is presented in accordance with the audit 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 the Project, it is not intended to and does not present the financial
position, changes in net deficit, or cash flows from the Project.
(2) Summary of Significant Accounting Policies
Expenditures (or tenant assistance payments) reported on the Schedule are reported on the accrual basis
of accounting as more fully described in Note 1 to the Project financial statements, as well as in
accordance with the Uniform Guidance. 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: (4) Indirect Cost Rate
The Project has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform
Guidance Section 200.414.
The Project has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform
Guidance Section 200.414.