Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. For cost-reimbursement awards, 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. For performance-based awards, expenditures reported represent amounts earned.
De Minimis Rate Used: N
Rate Explanation: The Winslow Village II, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Winslow Village II, Inc., under programs of the federal government for the year ended December 31, 2023. The information in the schedule is presented in accordance with the requirements of the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Winslow Village II, Inc., it is not intended to and does not present the financial position, changes in net deficit or cash flows of Winslow Village II, Inc.
Title: Loan and Loan Guarantee Programs
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. For cost-reimbursement awards, 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. For performance-based awards, expenditures reported represent amounts earned.
De Minimis Rate Used: N
Rate Explanation: The Winslow Village II, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization has a mortgage payable that is 75% insured by the Department of Housing and Urban Development (HUD) in the original amount of $2,540,000 under Section 542 (c) of the Housing Community Development Act of 1992. The amount reported on the Schedule of Expenditures of Federal Awards is 75% HUD insured portion of the mortgage payable at the beginning of the year. The outstanding balance as of December 31, 2023 is $1,999,624.