Notes to SEFA
Title: NOTE 3 - Federal Loans
Accounting Policies: This schedule is prepared on the same basis of accounting as the Housing Authority of Snohomish Countys financial statements. The Housing Authority of Snohomish County uses the accounting method prescribed by Generally Accepted Accounting Principles.
De Minimis Rate Used: N
Rate Explanation: (Note 4) The Housing Authority of Snohomish County has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amount listed for each loan includes the proceeds received during the year and outstanding loan balances from prior years. Both the current and prior year loans are also reported on the Housing Authority's Schedule of Liabilities.In 1992, the Authority was approved by the USDA Rural Housing Service to receive a loan totaling $1,642,200 to finance housing in a rural area.In 1996, the Authority was approved by the USDA Rural Housing Service to receive loans totaling $3,009,183 to finance rental housing in a rural area.In 2013, the Authority was approved by the USDA Rural Housing Service to receive a loan totaling $1,334,990 to finance housing in a rural area.All loan balances are reported under CFDA 10.415. Both current and prior year loans are also reported on the Housing Authoritys Schedule of Liabilities.
Title: NOTE 2 - Program Costs
Accounting Policies: This schedule is prepared on the same basis of accounting as the Housing Authority of Snohomish Countys financial statements. The Housing Authority of Snohomish County uses the accounting method prescribed by Generally Accepted Accounting Principles.
De Minimis Rate Used: N
Rate Explanation: (Note 4) The Housing Authority of Snohomish County has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Housing Authoritys portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.