Notes to SEFA
Title: NOTE 2 LOANS OUTSTANDING
Accounting Policies: NOTE 1 BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Kentucky Housing Corporation (the Corporation) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Schedule has been prepared on the cash basis of accounting, and therefore, some amounts presented in the Schedule may differ from amounts presented in or used in preparation of the financial statements. The Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Corporation, it is not intended to and does not present the net position, changes in net position, or cash flows of the Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Department of Housing and Urban Developments Mortgage Insurance (AL Number14.117), Department of Agricultures Very Low to Moderate Income Housing Loans (AL Number 10.410), and Department of Veterans Affairs Veterans Housing Guaranteed and Insured Loans (AL Number 64.114) represent those loans originated during the year ended June 30, 2022 by the Corporation. There are no continuing compliance requirements related to these loans. The total outstanding loan balances for each program at June 30, 2022 is as follows :AL Number 14.117 $ 161,770,108AL Number 10.410 $ 56,690,946AL Number 64.114 $ 8,597,872