Notes to SEFA
Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activityof Woodland Housing Opportunities, Inc., HUD Project No. 043-HH002, and is presented on theaccrual basis of accounting. The information in this schedule is presented in accordance withTitle 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements,Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theschedule presents only a selected portion of the operations of the Project, it is not intended to anddoes not present the financial position, changes in net assets, or cash flows of the organization.Note 2. Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures 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 auditee did not use the de minimis cost rate.