Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Bristol Bay Housing Development Corporation 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 operations of Bristol Bay Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, functional expenses, or cash flows of Bristol Bay Housing Development Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Bristol Bay Housing Development Corporation has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Passed Through Awards
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Bristol Bay Housing Development Corporation 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 operations of Bristol Bay Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, functional expenses, or cash flows of Bristol Bay Housing Development Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No amounts were passed through to subrecipients.
Title: Loan
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Bristol Bay Housing Development Corporation 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 operations of Bristol Bay Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, functional expenses, or cash flows of Bristol Bay Housing Development Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The balance at the beginning and end of the year of the loan guarantees were $1,957,544. No new loan expenditures or payments occurred during the year under audit.
Title: Reconciliation of federal expenditures
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Bristol Bay Housing Development Corporation under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Bristol Bay Housing Development Corporation, it is not intended to and does not present the financial position, changes in net assets, functional expenses, or cash flows of Bristol Bay Housing Development Corporation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Reconciliation of federal expenditures on this schedule to the Financial Statements:Federal expenditures per above Schedule$ 2,073,606 Adjustments:Section 202 - Capital Advance Program paymentsexpended in prior years - loan guarantee (1,957,544) Total Federal sources per Statements of Activities$ 116,062