Notes to SEFA
Title: Public Housing Capital Fund Program
Accounting Policies: The schedule of expenditures of federal awards is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The Authority does not use the 10% de minimis election.
During the year ended June 30, 2018, the Authority issued fully registered bonds of $8,110,000. These bonds were issued to provide funds for the acquisition and improvement of low rent housing properties, debt service funding and other expenses incurred in connection with the issuance of the bonds. Payment of principal and interest on this obligation is made solely from funds received from the Public Housing Capital Fund Program (Assistance Listing No. 14.872). Debt service on the bonds is recorded as an expenditure of federal awards in the accounting period the debt payment is made.