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 OMB Super
Circular, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: Y
Rate Explanation: Washington Homeownership Resource Center has elected to use the 10% de minimus
indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes
the federal grant activity of Washington Homeownership Resource Center 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 Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (OMB Super Circular). Because
the schedule presents only a selected portion of the operations of Washington
Homeownership Resource Center, it is not intended to and does not present the financial
position, changes in net assets or cash flows of Washington Homeownership Resource
Center.