Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recongnized following the cost principles contained in the Uniform guidance, wherein certain types of expenditures are not allowed or limited as to reimursements
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
The accompanying Scheduel of Expenditures of ederal Awars (the "Schedule") includes the activity of West Elmwood Housing Development Corporation ("The Organization") under programs of the federal government for the year ended December 31, 2022. The information in the Schedule is presented inaccordance with the requirements, Cost Principles and Audit Requirements for the Federal Awards (the Uniform Guidance) The Scheduel presents only a selected portion of the activity and operations of West Elmwood Hosuing Developemtn Corporation. This scheduel is not intended to and does not present the financial position, change in new assets, or cash flows of West Elmwood Housing Developemnt Corporation.
Title: Note 2 - Summary of Significant Accounting Polices
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recongnized following the cost principles contained in the Uniform guidance, wherein certain types of expenditures are not allowed or limited as to reimursements
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recongnized following the cost principles contained in the Uniform guidance, wherein certain types of expenditures are not allowed or limited as to reimursements
Title: Note 3 - Indirect Cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recongnized following the cost principles contained in the Uniform guidance, wherein certain types of expenditures are not allowed or limited as to reimursements
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
West Emwood Housing Development Corporation has elected to use the 10 percent de minimis indirect cost rate as allowed under Section 200.414 of the Uniform Guidance. The Organization received 10percent indirect cost rate reimbursemnet under the WIC grant administered by the Rhode Island Dpartment of Health.
Title: Note 4 - Determination of Major Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recongnized following the cost principles contained in the Uniform guidance, wherein certain types of expenditures are not allowed or limited as to reimursements
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate
The determination of major federal awards programs was based upon the overal level of expenditures for all federal programs of West Elmwood Housing Development Corporation. As Such, the threshold for determining major Type A programs are defined as those with program expenditures greater than $750,000 when the total expenditres are between $750,000 but less than or equal to $25 million. For the year ended December 31, 2022, no major programs were identified as Type A.