Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity ofBASIS OF PRESENTATION- Wisteria View Housing and is presented on the accrual basis of accounting. The information in thisSchedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ fromamounts presented in, or used in, the preparation of the basic financial statements. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES-Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the OMB Circular A-122 andUniform Guidance.The Organization did not elect to use the 10 percent de minimis indirect cost rate as allowed under theUniform Guidance.LOAN OUTSTANDING- At September 30, 2022, Wisteria View Housing had the following loan balance outstanding. The loanbalance is also included in the federal expenditures schedule presented.Program or Cluster Title - Supportive Housing for the Elderly (Section 202); Federal Assistance Listing Number- 14.157; Amount Outstanding-$ -
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.