Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Note 2 Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Holy Wisdom Housing Development Fund Company, Inc. under programs of the federal government for the year ended December 31, 2022. The information in this schedule is presented in accordance with the requirements of 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 Holy Wisdom Housing Development Fund Company, Inc., it is not intended to and does not present the financial position, changes in net assets (deficit) or cash flows of Holy Wisdom Housing Development Fund Company, Inc.