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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Housing Authority of the City of Burlington under programs of the federal government for the year ended August 31, 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 Housing Authority of the City of Burlington, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Housing Authority of the City of Burlington.
Title: Summary of Significant Accounting Policies
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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
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.
Title: Indirect Cost Rate
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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Housing Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Oversight Agency
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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The oversight agency is the U. S. Department of Agriculture.
Title: Outstanding Loans
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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Housing Authority of the City of Burlington has three outstanding notes payable to Rural Development. The interest rates on the two Rural Rental Housing Loans are 3.625%, which are subsidized to reduced rates of 1.0%. There is no stated interest rate on the Multi-Family Housing Revitalization Demonstration Program loan. The balance of loans outstanding as of August 31, 2023 consists of:
Program Title Federal Assistance Listings Outstanding Loans
Rural Rental Housing Loans 10.415 $ 756,190
Multi-Family Housing Revitalization
Demonstration Program 10.447 1,241,892
Total $ 1,998,082
Title: Subrecipient Awards
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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no awards passed through to subrecipients.