Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect 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 Authority under programs of the federal government for the year ended September 30, 2023. The information in this Schedule 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 Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis cost rate.
The Authority provided no federal awards to subrecipients during the fiscal year ending September 30, 2023.
Title: DISCLOSURE OF OTHER FORMS OF ASSISTANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis cost rate.
The Missoula Housing Authority received no federal awards of non-monetary assistance that are required to be disclosed for the year ended September 30, 2023.
The Missoula Housing Authority had the following loans, and loan guarantees to be disclosed as of September 30, 2023:
Missoula Housing Authority is an operating deficit guarantor as a general partner for Maclay Commons Limited Partnership. This guarantee includes the servicing of outstanding loan balance in the event of a default. As of September 30, 2023, the outstanding loan balance was $512,050. No direct assistance or utilization of this guarantor relationship was noted during the audit period.
There were no federally restricted endowment funds required to be disclosed for the fiscal year ended September 30, 2023.
The Missoula Housing Authority maintains the following limits of insurance as of September 30, 2023:
Property $ 32,123,394
Liability/Umbrella $ 5,000,000
Director & Officers $ 2,000,000
Commercial Auto $ 1,000,000
Worker Compensation Statutory
Employee Dishonesty $ 200,000
Computer Fraud $ 500,000
Settled claims have not exceeded the above limits over the past three years.