Notes to SEFA
Title: U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CAPITAL ADVANCES 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 OMB Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Westland Adams Management Corp. has elected not to use the 10 percent de minimis indirect cost rate allowed by Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Westland Adams Management Corp. has elected not to use the 10 percent de minimis indirect cost rate allowed by Uniform Guidance.
Westland Adams Management Corp. has received a U.S. Department of Housing and Urban Development capital advance under Section 811 of the National Housing Act. The capital advances at the beginning of the year are included in the federal expenditures presented in the schedule. Westland Adams Management Corp. received no additional capital advances during the year. The balance of the capital advances at June 30, 2024 consists of: 14.181 Section 811, Capital Advance Loan $970,100.