Notes to SEFA
Accounting Policies: 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. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards, which includes all federal grant activity of Wood Lane Apartments, Inc., is prepared 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used, in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Wood Lane Apartments, Inc. has elected not to use the ten-percent de minimis indirect cost rate as allowed under the Uniform Guidance.