Notes to SEFA
Title: Capital Advance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Willow Estates under programs of the federal government for the year ended March 31, 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 Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Willow Estates it is not intended to and does not present the financial position, changes in net assets, or cash flows of Willow Estates.
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: Willow Estates has not elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
This is a capital advance from the Department of Housing and Urban Development (see financial statement Note 6). The capital advance balance at March 31, 2024 was $2,395,600.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of Willow Estates under programs of the federal government for the year ended March 31, 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 Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Willow Estates it is not intended to and does not present the financial position, changes in net assets, or cash flows of Willow Estates.
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: Willow Estates has not elected to use the 10-percent de minimis indirect cost rate as allowed under Uniform Guidance.
Willow Estates does not have any subrecipients or subrecipient expenditures as of March 31, 2024.