Notes to SEFA
Title: NOTE A - 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: PHAC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activities of Pacific Housing Assistance Corporation (PHAC) under programs of the federal government for the fiscal year ended June 30, 2022. This Schedule does not include the expenditures of federal awards for PHOC-Kapolei, PHAC No. 1, Inc., SRK2, and PHOC-ER. This information is separately presented in each respective entity’s financial statements that expended $750,000 or more in federal awards for the fiscal year ended
June 30, 2022. 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of PHAC, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of PHAC.
Title: NOTE D - 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: PHAC has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal expenditures presented in the Schedule for loans are the balances of loans from previous years for which compliance requirements continue. The amount presented in the Schedule represents the outstanding balance at the beginning of the year, as required by the Uniform Guidance. At June 30, 2022, the outstanding loan balances totaled $8,164,394.