Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Housing Authority City of Kennewick (the Authority) financial statements. The Authority uses the accrual basis of accounting. The Authoritys accounting records are maintained in accordance with the methods prescribed by the State Auditor under the authority of Washington State law, Chapter 43.09 RCW. The Authority uses the revenue and expenditure classifications contained in the Financial and Accounting Handbooks prescribed by the Department of Housing and Urban Development (HUD).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 760598.
Title: Program Costs
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Housing Authority City of Kennewick (the Authority) financial statements. The Authority uses the accrual basis of accounting. The Authoritys accounting records are maintained in accordance with the methods prescribed by the State Auditor under the authority of Washington State law, Chapter 43.09 RCW. The Authority uses the revenue and expenditure classifications contained in the Financial and Accounting Handbooks prescribed by the Department of Housing and Urban Development (HUD).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs for FY 2022. Entire program costs, including the Authoritys portion, may be more than shown.
Title: Subrecipients
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as the Housing Authority City of Kennewick (the Authority) financial statements. The Authority uses the accrual basis of accounting. The Authoritys accounting records are maintained in accordance with the methods prescribed by the State Auditor under the authority of Washington State law, Chapter 43.09 RCW. The Authority uses the revenue and expenditure classifications contained in the Financial and Accounting Handbooks prescribed by the Department of Housing and Urban Development (HUD).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority did not grant funds to subrecipients.