Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Westward Development, Inc. has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Westward Development, Inc. under programs of the federal government for the year ended December 31, 2022. 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 this schedule presents only a selected portion of the operations of Westward Development, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Westward Development, Inc.
Title: NOTE 4 - SECTION 202 DIRECT LOAN
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Westward Development, Inc. has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The mortgage balance at the beginning of the year and loans made during the year are included in the federal expenditures presented in the schedule. The balance of the outstanding federally insured mortgage at December 31, 2022 was $489,897.