Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Westport Ministry In Housing, 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 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 Westport Ministry In Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Westport Ministry In Housing, Inc.
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. Westport Ministry In Housing, Inc. has elected not to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Westport Ministry In Housing, Inc. has received a U.S. Department of Housing and Urban Development insured loan under Section 207 pursuant to Section 223(f) of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Westport Ministry In Housing, Inc. received no additional loans during the year. The balance of the loan outstanding at December 31, 2025 consists of: Outstanding Balance Federal Assistance Listing Number Program Name at December 31, 2025 14.155 Mortgage Insurance for the Purchase of Existing Multifamily Housing Projects $ 3,276,292