Title: NOTE B: PERFORMANCE BASED CONTRACT ADMINISTRATOR GRANT:
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. Theinformation on 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 .Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of,the basic financial statements. In accordance with HUD regulations, HUD considers the Annual Budget Authority for theSection 8 Housing Choice Voucher Program ("HCV"), CFDA No. 14.871, to be an expenditure for the purposes of thisschedule. Therefore, the amount in this schedule is the total amount received directly from HUD and not the expenditurespaid by the Authority.
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 excludes $480,299,582 of expenditures for a PerformanceBased Contract Administrator Agreement with HUD for the States of Texas and Arkansas. There is a separately issuedschedule of expenditures of federal awards and an audit performed in accordance with the requirements of UniformGuidance for the year ended March 31, 2022 for Southwest Housing Compliance Corporation, a blended component unitof the Authority, in which that federal award is included.
Title: NOTE C - SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. Theinformation on 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 .Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of,the basic financial statements. In accordance with HUD regulations, HUD considers the Annual Budget Authority for theSection 8 Housing Choice Voucher Program ("HCV"), CFDA No. 14.871, to be an expenditure for the purposes of thisschedule. Therefore, the amount in this schedule is the total amount received directly from HUD and not the expenditurespaid by the Authority.
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 excludes $7,096,679 of expenditures for the Section 8Housing Assistance Payments Program of the Authority. The Authority has converted existing Low Income Public Housingutilizing the RAD program and these entities receive separately issued schedules of expenditures of federal awards andaudits performed in accordance with the requirements of Uniform Guidance for the years ended December 31, 2021.
Title: NOTE E - SUB-RECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. Theinformation on 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 .Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of,the basic financial statements. In accordance with HUD regulations, HUD considers the Annual Budget Authority for theSection 8 Housing Choice Voucher Program ("HCV"), CFDA No. 14.871, to be an expenditure for the purposes of thisschedule. Therefore, the amount in this schedule is the total amount received directly from HUD and not the expenditurespaid by the Authority.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended March 31, 2022, the Authority had no sub-recipients.
Title: NOTE F - NONCASH ASSISTANCE AND OTHER
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented on the accrual basis of accounting. Theinformation on 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 .Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of,the basic financial statements. In accordance with HUD regulations, HUD considers the Annual Budget Authority for theSection 8 Housing Choice Voucher Program ("HCV"), CFDA No. 14.871, to be an expenditure for the purposes of thisschedule. Therefore, the amount in this schedule is the total amount received directly from HUD and not the expenditurespaid by the Authority.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority did not receive any noncash assistance, federal loans, or federally funded insurance during the year endedMarch 31, 2022.