Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
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 1383894.
Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the City of Poplar Housing Authority under programs of the federal government for the year ended December 31, 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). Because the Schedule presents only a selected portion of the activities of the Housing Authority, it is not intended to and does not present either the financial position, results of activities, changes in net assets, or cash flows of the Housing Authority.
Title: Federal Financial Assistance
Accounting Policies: Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Pursuant to the Single Audit Act and Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. Federal financial assistance does not include direct federal cash assistance to individuals.The following programs have been identified as major programs for the year ended December 31, 2022:Program RHS Loans/Interest Credit Subsidy Assistance listing number 10.415 In accordance with Uniform Guidance requirements, the RHS loan balance on the Schedule of Expenditures of Federal Awards, Assistance Listing Number 10.415 is the balance at the beginning of the year January 1, 2022. The outstanding balance of the RHS loans, Assistance Listing Number 10.415 as of December 31, 2022, is $1,383,894. Federal Indirect Rate The Housing Authority does not use the 10% de minimis cost rate.