Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial assistance has been provided to a subrecipient. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Boise City Housing Authority (the Housing Authority) under programs of the federal government for the year ended September 30, 2023. The information 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 the Housing Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Housing Authority.
The accompanying schedule of expenditures of federal awards does not include the federal grant activity of the blended component unit, Shoreline Plaza, Inc. These awards are reported on the schedule of expenditures of federal awards of Shoreline Plaza, Inc.’s standalone financial statements. A separate data collection form will also be submitted.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial assistance has been provided to a subrecipient. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has not elected to use the 10% de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial assistance has been provided to a subrecipient. When applicable, 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.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial assistance has been provided to a subrecipient. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has not elected to use the 10% de minimis cost rate.
The Housing Authority has not elected to use the 10% de minimis cost rate.
Title: Note 4 - Mortgage Insurance for the Purchase of Refinancing of Existing Multifamily Housing Projects (Section 223 (f))
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial assistance has been provided to a subrecipient. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has not elected to use the 10% de minimis cost rate.
The Housing Authority’s financial statements include blended component units that have loans with continuing compliance requirements that are not subject to the Uniform Guidance, and therefore, not included in the Housing Authority’s Schedule of Expenditures of Federal Awards. These programs were audited in accordance with the HUD Audit Guide as part of the audit of the standalone financial statements of each blended component unit. Below is a summary of the entities and the outstanding balance at the beginning of the year under the Mortgage Insurance for the Purchase of Refinancing of Existing Multifamily Housing Projects (Section 223 (f)):