Notes to SEFA
Title: See Coversheet
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards includes the federal expenditures
activity of North Woodriver Foundation (FHA Project No. 071-11341), and is presented on the accrual basis of accounting.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
(CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Therefore, some amounts presented in this schedule may differ from amounts 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. 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. The Corporation has elected not to use the
10-percent de minims indirect cost rate allowed under the Uniform Guidance.U.S. Department of Housing and Urban Development Loan Program: The Corporation has received a U.S. Department
of Housing and Urban Development direct loan Section 207/223(f) Mortgage Insurance for the Elderly. The loan balance
outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Organization
received no additional loans during the year. The balance of the loan outstanding at May 31, 2024 is $4,214,346.There were no subreceipients.No other single audits were performed during the year.
De Minimis Rate Used: N
Rate Explanation: The Corporation has elected not to use the
10-percent de minims indirect cost rate allowed under the Uniform Guidance.
See Coversheet