Audit 304

Title: Federal Loans Accounting Policies: The accompanying schedule presents the expenditures incurred (and related awards received) by the Loudon Housing Authority (the Authority) and its blended component unit Loudon Housing, Inc. (LHP) that are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule. The expenditures included in the accompanying schedule were reported on the accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. The information in this schedule is presented in accordance with the requirements of Uniform Guidance, Audit of States, Local Governments, and Non- Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. De Minimis Rate Used: N Rate Explanation: N/A Loudon Housing Authority participates in housing programs where funds have been provided by Federal agencies as loans. Outstanding balances for these loans were as follows: Federal Grantor 6/30/23 $ 3,325,487 Total Federal Loan Balance $ 3,325,487 Assistance Listing Number(s) 14.155 Mortgage Insurance for the Purchase of Existing Multifamily Housing