Audit 344609

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by WM Dalton Estates, an operating division of West Carthage Housing Authority, an entity as described in Note 1 to its financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. The SEFA excludes federal award programs for other divisions of West Carthage Housing Authority, which are included in a separate report, issued with that entity’s financial statements. Basis of Accounting: WM Dalton Estates uses the accrual basis of accounting for its federal programs, consistent with the financial statements. The amounts reported as federal expenditures/loan balances were obtained from the appropriate financial reports for the applicable program and period. The amounts reported in these financial reports are prepared from records maintained for the program, which are periodically reconciled to WM Dalton Estates’ financial reporting system. Indirect Costs: WM Dalton Estates has not elected to use the 10% de minimis cost rate. Loans Outstanding: At September 30, 2024, loan balances outstanding under the Rural Rental Housing Loans program totaled $1,578,415. De Minimis Rate Used: N Rate Explanation: Indirect Costs: WM Dalton Estates has not elected to use the 10% de minimis cost rate. Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by WM Dalton Estates, an operating division of West Carthage Housing Authority, an entity as described in Note 1 to its financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. The SEFA excludes federal award programs for other divisions of West Carthage Housing Authority, which are included in a separate report, issued with that entity’s financial statements. Basis of Accounting: WM Dalton Estates uses the accrual basis of accounting for its federal programs, consistent with the financial statements. The amounts reported as federal expenditures/loan balances were obtained from the appropriate financial reports for the applicable program and period. The amounts reported in these financial reports are prepared from records maintained for the program, which are periodically reconciled to WM Dalton Estates’ financial reporting system. Indirect Costs: WM Dalton Estates has not elected to use the 10% de minimis cost rate. Loans Outstanding: At September 30, 2024, loan balances outstanding under the Rural Rental Housing Loans program totaled $1,578,415.