Notes to SEFA
Title: 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.
De Minimis Rate Used: N
Rate Explanation: The Company has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Company is reimbursed for programmatic and administrative costs in accordance with the rules set forth by the U.S. Department of Housing and Urban Development.
The schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Woodysun Housing Development Fund Corporation (the “Company”), under programs of the Federal Government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of Woodysun Housing Development Fund Corporation, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Company.
Title: Mortgage Outstanding
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.
De Minimis Rate Used: N
Rate Explanation: The Company has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Company is reimbursed for programmatic and administrative costs in accordance with the rules set forth by the U.S. Department of Housing and Urban Development.
The Company’s mortgage is insured by the U.S. Department of Housing and Urban Development under Section 207 pursuant to Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The balance of the mortgage outstanding at December 31, 2023 is $4,585,494.