Notes to SEFA
Title: Capital Advances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Wyoming County Community Action, Inc. and Subsidiaries (the Company) under programs of the federal government for the year ended September 30, 2023 and has been prepared in accordance with accounting principles generally accepted in the United States of America. 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 Company’s operations, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Company.
De Minimis Rate Used: N
Rate Explanation: The Company has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Company has received a Section 202 capital advance from the U.S. Department of Housing and Urban Development’s Supportive Housing for the Elderly program (CFDA No. 14.157). Under the terms of the capital advance agreement, the Company must continue to operate the residence for the specified purpose for a period of forty years. Failure to operate the project in accordance with the capital advance agreement would result in the Company being required to repay HUD the entire capital advance, plus interest, since the date of the first advance.