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 Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles
and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The entity has elected not to use the ten (10) percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Federal Awards (Schedule) includes the federal award activity of Wooster Housing for the Elderly, Project No. 042-EE-040-WAH-L8 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 (Uniform Guidance). Because the schedule only presents a selected portion of the 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: 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 Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles
and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The entity has elected not to use the ten (10) percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
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 Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles
and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The entity has elected not to use the ten (10) percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The entity has elected not to use the ten (10) percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Capital Advance
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 Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles
and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The entity has elected not to use the ten (10) percent de minimis indirect cost rate as allowed under the Uniform Guidance.
As required by HUD, the Schedule of Expenditures of Federal Awards (SEFA) includes a capital advance provided and used according to a signed agreement dated October 19, 1984, by the Project. This is listed as Supportive Housing for the Elderly Section 202 on the SEFA. The capital advance has ongoing compliance requirements and is therefore considered an annual expenditure. The value of the expenditure is the total amount advanced and utilized by the Project.