Title: SUMMARY OF SIGNICANT ESTIMATES
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal award (the "Schedule") includes the federal award activity of Westhab, Inc. and Affiliates (the "Company") under programs of the federal government for the year ended December 31, 2023. 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 Priciples, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Westhab, Inc. and Affiliates, it is not inteneded and does not present the financial postion, changes in net assets, or cash flows of Westhab, Inc. and Affiliates. the Company's contract with the federal agencies does not have a provision for an indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: The Company has not previously received a negotiated indirect cost rtate. However, the Company has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost pronciples contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to rimbursement.
Title: SUB-RECIPIENTS
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal award (the "Schedule") includes the federal award activity of Westhab, Inc. and Affiliates (the "Company") under programs of the federal government for the year ended December 31, 2023. 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 Priciples, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Westhab, Inc. and Affiliates, it is not inteneded and does not present the financial postion, changes in net assets, or cash flows of Westhab, Inc. and Affiliates. the Company's contract with the federal agencies does not have a provision for an indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: The Company has not previously received a negotiated indirect cost rtate. However, the Company has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
The Company provided no federal awrds to sub-recipients fo the year ended December 31, 2023.
Title: NON-CASH EXPENDITURES
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal award (the "Schedule") includes the federal award activity of Westhab, Inc. and Affiliates (the "Company") under programs of the federal government for the year ended December 31, 2023. 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 Priciples, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Westhab, Inc. and Affiliates, it is not inteneded and does not present the financial postion, changes in net assets, or cash flows of Westhab, Inc. and Affiliates. the Company's contract with the federal agencies does not have a provision for an indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: The Company has not previously received a negotiated indirect cost rtate. However, the Company has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
Certain affiliaes of the Company were in part financed by Capital Advances from HUD. These advances were in turn loaned from the Company to these affiliates and total $18,364,770 as of December 31, 2023. These advances are secured by enforcement mortgages on the properties owned by the affilaites. The mortgages carry a term of 40 years, bear no interest and repayment is not required so long as the housing remians available for the intended purpose. Since the mortgages are not repayable so long as the company complies with HUD regualtions, the proceeds from the mortgages have been recorded as net assets with donor restrictions and are being releaed from restriction ratably over the term of the mortgages.
Title: BASIS OF PRESENTATION
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal award (the "Schedule") includes the federal award activity of Westhab, Inc. and Affiliates (the "Company") under programs of the federal government for the year ended December 31, 2023. 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 Priciples, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Westhab, Inc. and Affiliates, it is not inteneded and does not present the financial postion, changes in net assets, or cash flows of Westhab, Inc. and Affiliates. the Company's contract with the federal agencies does not have a provision for an indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: The Company has not previously received a negotiated indirect cost rtate. However, the Company has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Westhab, Inc. and Affiliates (the “Company”) under programs of the federal government for the year ended December 31, 2023. 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 Westhab, Inc. and Affiliates, it is not intended and does not present the financial position, changes in net assets, or cash flows of Westhab, Inc. and Affiliates. The Company’s contract with the federal agencies does not have a provision for an indirect cost rate.
Title: INDIRECT COSTS
Accounting Policies: BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal award (the "Schedule") includes the federal award activity of Westhab, Inc. and Affiliates (the "Company") under programs of the federal government for the year ended December 31, 2023. 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 Priciples, and Audit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of Westhab, Inc. and Affiliates, it is not inteneded and does not present the financial postion, changes in net assets, or cash flows of Westhab, Inc. and Affiliates. the Company's contract with the federal agencies does not have a provision for an indirect cost rate.
De Minimis Rate Used: Y
Rate Explanation: The Company has not previously received a negotiated indirect cost rtate. However, the Company has elected to use the 10% de minimis indirect cost rate allowable under the Uniform Guidance.
The Company has not previously received a negotiated indirect cost rate. However, the Company has elected to use the 10% de minimus indirect cost rate allowable under the Uniform Guidance.