Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of West Apartments, Inc., HUD Project No. 082-35396, 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 Guidance0. Because the Schedule presents only a selected portion of the operations of West Apartments, Inc., it is not intended to and does not present the financial; position, changes in net assets, or cash flows of West Apartments, 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE_RENTAL AND COOPERATIVE HOUSING FOR MODERATE INCOME FAMILIES AND ELDERLY, MARKET INTEREST RATE (14.135) - Balances outstanding at the end of the audit period were 628989. OPERATING ASSISTANCE FOR TROUBLED MULTI-FAMILY HOUSING (FLEXIBLE SUBSIDY LOAN) (14.164) - Balances outstanding at the end of the audit period were 281026. MULTI-FAMILY ASSISTED HOUSING REFORM AND AFFORDABILITY ACT - MORTGAGE RESTRUCTURING NOTE (14.197) - Balances outstanding at the end of the audit period were 307082.