Notes to SEFA
Title: Note 1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the GAAP 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the De Minimis10% Indirect Cost Rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of WPC Housing Corporation (the Organization) under programs of the federal government for the year ended February 29, 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of operations of the Organization, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Organization.
Title: Note 4. Balance of Outstanding Loan
Accounting Policies: Expenditures reported on the Schedule are reported on the GAAP 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Organization did not elect to use the De Minimis10% Indirect Cost Rate
The balance of the insured loan, Section 221(d)(4) as of February 29, 2024 was $877,733.