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 Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Wellspring Bridge Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Wellspring Bridge Apartments Inc has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Wellspring Bridge Apartments, Inc HUD Project No 083-HD097-NP-CMI 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 Part 200, Uniform Administrative Requirements Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Wellspring Bridge Apartments Inc it is not intended to and does not present the financial position, changes in net assets or cash flows of Wellspring Bridge Apartments Inc
Title: US Department of Housing and Urban Development Loan Program
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. Wellspring Bridge Apartments, Inc. has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Wellspring Bridge Apartments Inc has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Wellspring Bridge Apartments Inc has received a US Department of Housing and Urban Development Capital Advance under Section 811 of the National Housing Act and the HOME Investment Partnership Program. The capital advance balance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. Wellspring Bridge Apartments Inc received no additional advances or loans during the year. The balance of the capital advances outstanding at June 30 2023 consists of CFDA 14.181 Section 811 Capital Advance 693700 and CFDA 14.239 HOME Investement Partnership 28800.