Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: De Minimis Indirect Cost Rate: WP has elected not to use the 10-percent deminimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See Note B.
The accompanying Schedule of Expenditures of Federal Awards includes the federal loan and grant activity of Whitfield Place, Inc. (WP) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirments of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: Note B - Significant Accounting Policies
Accounting Policies: De Minimis Indirect Cost Rate: WP has elected not to use the 10-percent deminimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See Note B.
DeMinimis Indirect cost Rate: WP has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note C - Contingencies
Accounting Policies: De Minimis Indirect Cost Rate: WP has elected not to use the 10-percent deminimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See Note B.
WP's federal programs are subject to financial and compliance audits by grantor agencies which, if instances of material noncompliance are found, may result in disallowed expenditures, and affect WP's continued participation in specific programs. The amount, if any, of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although WP expects such amounts, if any, to be immaterial.
Title: Note D - Loan Balances and Rental Assistance
Accounting Policies: De Minimis Indirect Cost Rate: WP has elected not to use the 10-percent deminimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: See Note B.
Awards under Section 202 Supportive Housing for the Elderly include both capital advances and rental assistance. Federal expenditures reported in the accompanying schedule include the outstanding principal balance on the capital advance payable at September 30, 2022 and tenant assitance paymnets received during theyear ended September 30, 2023.