Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 2 to the Association’s basic financial statements except for subrecipient expenditures, which are recorded on the cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Association 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 Idaho Housing and Finance Association (the Association) under programs of the federal government for the year ended June 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 Association, it is not intended to and does not present the financial position, changes in net position, or cash flows of Idaho Housing and Finance Association.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 2 to the Association’s basic financial statements except for subrecipient expenditures, which are recorded on the cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Association has not elected to use the 10% de minimis cost rate.
Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 2 to the Association’s basic financial statements except for subrecipient expenditures, which are recorded on the cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement. The Association has not elected to use the 10% de minimis cost rate.
Title: Note 3 - Subrecipients
Accounting Policies: Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 2 to the Association’s basic financial statements except for subrecipient expenditures, which are recorded on the cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Association has not elected to use the 10% de minimis cost rate.
The Association provides grant funds through various subrecipients in the State of Idaho. Federal financial assistance provided to a subrecipient is treated as an expenditure when it is paid to the subrecipient. The Association has certain compliance responsibilities with respect to its subrecipients, including monitoring the subrecipients to help ensure they use the sub‐awards as authorized by law, regulations, and the provisions of the grant agreements.
Title: Note 4 - Major Programs
Accounting Policies: Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 2 to the Association’s basic financial statements except for subrecipient expenditures, which are recorded on the cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Association has not elected to use the 10% de minimis cost rate.
The following programs represent all Federal awards tested as major programs. Since the Association is a high‐risk auditee, coverage of at least 40 percent of federally awarded funds was required. Actual coverage was approximately 93 percent of total federally awarded expenditures.
Title: Note 5 - Coronavirus Relief Fund (CARES ACT)
Accounting Policies: Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 2 to the Association’s basic financial statements except for subrecipient expenditures, which are recorded on the cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Association has not elected to use the 10% de minimis cost rate.
The Coronavirus Relief Fund (CARES Act) expenditures are listed on the schedule on separate lines. These funds were used in several different programs, including the Emergency Solutions Grants program, Housing Choice Voucher program, Mainstream 5‐year program, Emergency Rental Assistance program, and Homeownership Assistance Fund (FFAL 14.231CV, 14.HCC, 14.MSC, 21.023, 21.026).