Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: 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. There were no amounts passed through to other entities during the year.
De Minimis Rate Used: Y
Rate Explanation: The auditee has elected to use the 10-percent de minimis indirect rate allowed by the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Whispering Pines Apartments, under programs of the federal governemnt for the year ended December 31, 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). Becuase the Schedule presents only a selected portion of the operations of Whispering Pines Apartments, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Whispering Pines Apartments.