Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the modified 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: Westby Housing Associates, 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 grant activity of the Westby Housing Associates, Inc. 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the financial statements.
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedule are reported on the modified 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: Westby Housing Associates, Inc. has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
The Project provided no federal awards to subrecipients during the fiscal year ended June 30, 2024.
Title: Disclosure of Other Forms of Assistance
Accounting Policies: Expenditures reported on the schedule are reported on the modified 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: Westby Housing Associates, Inc. has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
Included in the amounts shown on the schedule of federal assistance is a loan. The Project has a HUD-insured loan with an outstanding balance of $5,410,516 as of June 30, 2024.