Title: Note 1 - BASIS OF PRESENTATION
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting for proprietary funds and modified accrual basis of accounting for governmental funds. For the Proprietary Fund, the types of costs that are found in this Fund are Grant Expenditures, Mortgage Loan Subsidies, Housing Assistance Payments and Administrative Fees. For the Government Funds, the types of costs that are found in this Fund are Grant Expenditures, Program Loans, Recaptured Funds (Program Income), and Administrative Fee Reimbursements. Amounts reported as expenses in the Schedule of Expenditures of Federal Awards include $541,458 in administrative expenditures funded by fees collected (program income) by the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority does not use the de minimus indirect cost rate permitted under the Uniform Guidance or have a negotiated indirect cost rate. The Authority has a Cost Allocation Plan with HUD, the Authority's cognizant agency, which dictates how indirect costs are charged to the government funded programs. The current Cost Allocation Plan was submitted to HUD in April 2013.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) summarizes the federal awards expended by the Authority for the year ended June 30, 2023.
Title: Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting for proprietary funds and modified accrual basis of accounting for governmental funds. For the Proprietary Fund, the types of costs that are found in this Fund are Grant Expenditures, Mortgage Loan Subsidies, Housing Assistance Payments and Administrative Fees. For the Government Funds, the types of costs that are found in this Fund are Grant Expenditures, Program Loans, Recaptured Funds (Program Income), and Administrative Fee Reimbursements. Amounts reported as expenses in the Schedule of Expenditures of Federal Awards include $541,458 in administrative expenditures funded by fees collected (program income) by the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority does not use the de minimus indirect cost rate permitted under the Uniform Guidance or have a negotiated indirect cost rate. The Authority has a Cost Allocation Plan with HUD, the Authority's cognizant agency, which dictates how indirect costs are charged to the government funded programs. The current Cost Allocation Plan was submitted to HUD in April 2013.
The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting for proprietary funds and modified accrual basis of accounting for governmental funds. For the Proprietary Fund, the types of costs that are found in this Fund are Grant Expenditures, Mortgage Loan Subsidies, Housing Assistance Payments and Administrative Fees. For the Government Funds, the types of costs that are found in this Fund are Grant Expenditures, Program Loans, Recaptured Funds (Program Income), and Administrative Fee Reimbursements. Amounts reported as expenses in the Schedule of Expenditures of Federal Awards include $541,458 in administrative expenditures funded by fees collected (program income) by the Authority.
Title: Note 3 - FEDERAL LOAN PROGRAM
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting for proprietary funds and modified accrual basis of accounting for governmental funds. For the Proprietary Fund, the types of costs that are found in this Fund are Grant Expenditures, Mortgage Loan Subsidies, Housing Assistance Payments and Administrative Fees. For the Government Funds, the types of costs that are found in this Fund are Grant Expenditures, Program Loans, Recaptured Funds (Program Income), and Administrative Fee Reimbursements. Amounts reported as expenses in the Schedule of Expenditures of Federal Awards include $541,458 in administrative expenditures funded by fees collected (program income) by the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority does not use the de minimus indirect cost rate permitted under the Uniform Guidance or have a negotiated indirect cost rate. The Authority has a Cost Allocation Plan with HUD, the Authority's cognizant agency, which dictates how indirect costs are charged to the government funded programs. The current Cost Allocation Plan was submitted to HUD in April 2013.
The HOME Program and Housing Trust Fund National Program are administered directly by the Authority and balances and transactions relating to these programs are included in the Authority's financial statements. Loans made by the Authority to eligible subrecipients under the HOME Program and Housing Trust Fund - National Program during the fiscal year ended June 30, 2022, was $19,026,818 and $20,001, respectively.The balance of loans outstanding under the HOME Program was $330.7 million and $318.8 million on June 30, 2023, and 2022, respectively. The balance of loans outstanding under the Housing Trust Fund - National Program was $10.3 million on June 30, 2023, and 2022, respectively. The Authority received administrative fees of $3.5 million under the HOME Program and $1.0 million under the Housing Trust Fund - National Program during the fiscal year ended June 30, 2023.
Title: Note 4 - INDIRECT COSTS
Accounting Policies: The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting for proprietary funds and modified accrual basis of accounting for governmental funds. For the Proprietary Fund, the types of costs that are found in this Fund are Grant Expenditures, Mortgage Loan Subsidies, Housing Assistance Payments and Administrative Fees. For the Government Funds, the types of costs that are found in this Fund are Grant Expenditures, Program Loans, Recaptured Funds (Program Income), and Administrative Fee Reimbursements. Amounts reported as expenses in the Schedule of Expenditures of Federal Awards include $541,458 in administrative expenditures funded by fees collected (program income) by the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority does not use the de minimus indirect cost rate permitted under the Uniform Guidance or have a negotiated indirect cost rate. The Authority has a Cost Allocation Plan with HUD, the Authority's cognizant agency, which dictates how indirect costs are charged to the government funded programs. The current Cost Allocation Plan was submitted to HUD in April 2013.
The Authority does not use the de minimus indirect cost rate permitted under the Uniform Guidance or have a negotiated indirect cost rate. The Authority has a Cost Allocation Plan with HUD, the Authority's cognizant agency, which dictates how indirect costs are charged to the government funded programs. The current Cost Allocation Plan was submitted to HUD in April 2013.