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.
De Minimis Rate Used: N
Rate Explanation: West Apartments,
Inc.has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards includes the federal award activity
of West Apartments, Inc., HUD Project No. 082-35396, 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 West Apartments, Inc., it is not
intended to and does not present the financial; position, changes in net assets, or cash flows of
West Apartments, Inc.
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 Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: West Apartments,
Inc.has elected not to use the 10-percent de minimus indirect cost rate 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 Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. West Apartments,
Inc.has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform
Guidance.
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCE 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.
De Minimis Rate Used: N
Rate Explanation: West Apartments,
Inc.has elected not to use the 10-percent de minimus indirect cost rate allowed under the Uniform
Guidance.
West Apartments, Inc. has received a U.S. Department of Housing and Urban Development
insured mortgage. The loan outstanding at the beginning of the year is included in the
federal expenditures presented in the schedule. West Apartments, Inc. received no
additional loans during the year. The balance of the insured loan outstanding at June 30,
2023, consists of: See the Notes to the SEFA for chart/table