Notes to SEFA
Title: Note 3 - Federal Loans
Accounting Policies: This schedule is prepared on the same basis of accounting as the Peninsula Housing Authority financial statements. The Peninsula Housing Authority uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 4 - Indirect Cost Rate - The Peninsula Housing Authority does not use an indirect cost rate and has not elected to use the 10-percent de minimus indirect cost rate allowed under Uniform Guidance.
The Peninsula Housing Authority has received Rural Rental Housing Loans associated with two separate properties Peninsula Apartments and Wildwood Apartments. Both receive a monthly interest subsidy. The property loans are combined by property but listed separate by property on the SEFA with loan balances reported as beginning year balances. The detail of the loans can be found in the accompanying Notes to the Financial Statements.Peninsula Outstanding Debt $ 800,395Wildwood Outstanding Debt $1,502,059Shop funds total includes all loans, both at years beginning and years end, with continued federal compliance. The full balance is subject to continuing compliance until each such loan is converted to a grant or until maturity.
Title: Note 4 - Section 8 Housing Choice Voucher Program Expenditures
Accounting Policies: This schedule is prepared on the same basis of accounting as the Peninsula Housing Authority financial statements. The Peninsula Housing Authority uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 4 - Indirect Cost Rate - The Peninsula Housing Authority does not use an indirect cost rate and has not elected to use the 10-percent de minimus indirect cost rate allowed under Uniform Guidance.
As required by the granting agency, the amounts shown on the schedule for the Housing Choice Voucher program (CFDA 14.871) represent amounts awarded to the Authority. Actual expenditures of the grant during the period were $5,038,742.