Notes to SEFA
Title: LOANS OUTSTANDING
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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Housing Authority of the City of Long Branch had $1,105,000 as a loan balance outstanding on June 30, 2022. Note 18 presented on page 50-52 of this report have full disclosure regarding the loan activity for the Housing Authority of the City of Long Branch.
Title: NON CASH FEDERAL ASSISTANCE
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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority did not receive any non-cash Federal assistance for the year ended June 30, 2022.
Title: SUB RECIPIENTS
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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
When monies are received by the Housing Authority of the City of Long Branch and redistributed (expended) to sub-recipients, the federal financial assistance is reflected in the Authoritys accounts. The total expenditures for sub recipients amounted to $466,807 during the year ended June 30, 2022.