Audit 21571

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 1 - Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of the City of Pekin (Authority) and is presented on the accrual basis of accounting.The schedule summarizes the federal funds expended by the Authority under the programs of the federal government during the year ended December 31, 2022. The schedule of expenditures of federal awards displays the Authoritys expenditures charged to federal programs for the year ended December 31, 2022, the cost principals in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Authority has not implemented the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. Note 2 - Sources of Funding The schedule includes all grants and contracts entered into directly between the Authority and agencies and departments of the federal government, as well as federal funds passed-through to the Authority by primary recipients. The Authority provided no part of its direct grant federal dollars to sub-recipients. The Authority did not receive any non-cash assistance from federal funds and had no federal insurance as of December 31, 2022. Note 3 - Reconciliation of Federal Expenditures: Total Federal Expenditures per Schedule of Federal Awards $1,541,256 Reconciling item: U.S. Department of Agriculture, Rural Housing (Note 14) -652,420 Total Federal Assistance per Financial Statements $ 888,836 HUD grants $ 720,699 Rural Development 168,137 Total $ 888,836 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 652420.