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: Does not apply - there were no indirect costs.
The accompanying schedule of expenditures of federal awards includes the federal awards activity of
Wofford Park, Inc., HUD Project No. 065-HD029-CA, under programs of the federal government for the
year ended September 30, 2024. 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 Wofford Park, Inc., it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Wofford
Park, Inc.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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: Does not apply - there were no indirect costs.
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. Wofford Park, Inc. has elected not to
use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE
PROGRAM
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: Does not apply - there were no indirect costs.
Wofford Park, Inc. has a Section 811 Supportive Housing for Persons with Disabilities program from the
U.S. Department of Housing and Urban Development. The capital advance outstanding at the beginning
of the year is included in the federal expenditures presented in the schedule. Wofford Park, Inc. received
no additional capital advance during the year. The balance of the capital advance outstanding at
September 30, 2024 consists of: "See the Notes to the SEFA for chart/table"