Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 1 Basis of Presentation The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of the Agency. All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies or other entities are included in the Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 the Agency, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Agency. NOTE 2 Revenue Recognition The Agencys Schedule has been prepared using the accrual basis of accounting. Grant revenue is recognized on the modified accrual basis and, when all applicable eligibility requirements are met, in accordance with the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The criteria established by GASB for accrual-basis recognition require that all eligibility requirements must be met and the revenues must be available. "Available" means that the government has collected the revenues in the current period or expects to collect them soon enough after the end of the period to use them to pay liabilities of the current period. Resources received or recognized as receivable before the time requirements are met are reported as deferred revenues. The Agency has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE 3 Program ClustersClosely related programs with different assistance listing numbers that have similar compliance requirements are consolidated as clusters of programs. Programs presented as clusters are those that are treated as a single program for the purpose of meeting the audit requirements of 2 CFR section 200.17.NOTE 4 ContingenciesIn connection with various federal grant programs, the Agency is obligated to administer related programs and spend the funds in accordance with regulatory restrictions, and is subject to audit by grantor agencies and other auditors. In cases of noncompliance, the agencies involved may require the Agency to refund program funds.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR PERSONS WITH DISABILITIES (14.181) - Balances outstanding at the end of the audit period were 941100. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 425155.
Title: NOTE 5 Loans Outstanding
Accounting Policies: NOTE 1 Basis of Presentation The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of the Agency. All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies or other entities are included in the Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 the Agency, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Agency. NOTE 2 Revenue Recognition The Agencys Schedule has been prepared using the accrual basis of accounting. Grant revenue is recognized on the modified accrual basis and, when all applicable eligibility requirements are met, in accordance with the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The criteria established by GASB for accrual-basis recognition require that all eligibility requirements must be met and the revenues must be available. "Available" means that the government has collected the revenues in the current period or expects to collect them soon enough after the end of the period to use them to pay liabilities of the current period. Resources received or recognized as receivable before the time requirements are met are reported as deferred revenues. The Agency has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE 3 Program ClustersClosely related programs with different assistance listing numbers that have similar compliance requirements are consolidated as clusters of programs. Programs presented as clusters are those that are treated as a single program for the purpose of meeting the audit requirements of 2 CFR section 200.17.NOTE 4 ContingenciesIn connection with various federal grant programs, the Agency is obligated to administer related programs and spend the funds in accordance with regulatory restrictions, and is subject to audit by grantor agencies and other auditors. In cases of noncompliance, the agencies involved may require the Agency to refund program funds.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The full outstanding balance of government secured long-term debt has been considered federal awards expended, included in determining Type A programs as follows:?The USDA mortgage balance of $436,557 at the beginning of the fiscal period, plus interest subsidy of $35,724 received during the year, is combined on the Schedule of Expenditures of Federal Awards in accordance with the Uniform Guidance, and reported as Rural Rental Housing Loans, CFDA 10.415. The mortgage balance at September 30, 2022 is $425,155.?The HUD Section 811 Capital Advance balance of $941,100 at the beginning of the fiscal period, plus Section 811 Project Rental Assistance Contract of $22,553 received during the year, is combined on the Schedule of Expenditures of Federal Awards in accordance with the Uniform Guidance, and reported as Section 811 Supportive Housing for Persons with Disabilities, CFDA 14.181. The capital advance balance at September 30, 2022 is $941,100.