Audit 15178

Title: Summary of Significant accounting policies Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Vermont State Housing Authority under programs of the federal government for the year ended September 30, 2023. 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 Vermont State Housing Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Vermont State Housing Authority. De Minimis Rate Used: N Rate Explanation: Vermont State Housing Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance because no indirect costs were allowed under the federal awards. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recongnized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.

Title: Rual Development loan program Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Vermont State Housing Authority under programs of the federal government for the year ended September 30, 2023. 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 Vermont State Housing Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Vermont State Housing Authority. De Minimis Rate Used: N Rate Explanation: Vermont State Housing Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance because no indirect costs were allowed under the federal awards. The Rural Development loan program listed subsequently is administered directly by Vermont State Housing Authority, and balances and transactions relating to these programs are included in the Vermont State Housing Authority's basic financial statements. Loans outstanding 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 loans outstanding at September 30, 2023 consist of: $2,132,940