Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE A - GENERAL The accompanying Schedule of Expenditures of Federal Awards presents the activities of the Housing Authority of the Garfield County Housing Authority. The 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). Therefore, some amounts presented in these schedules may differ from amounts presented in or used in the preparation of the basic financial statements. NOTE B BASIS OF ACCOUNTING The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. NOTE C FEDERAL LOAN AND INSURANCE PROGRAMS The Authority also participates in the following Rural Housing Service loan program, a direct program, through the U.S. Department of Agriculture-Rural Development Division: Federal Ending CFDA Balance of Program Title Number Direct Loans Rural Rental Housing Loans 10.415 $407,649 NOTE D INDIRECT COST RATE The Authority has elected to not use the 10% de minimus indirect cost rate, as allowed under the Uniform Guidance.
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 407649.