Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal activity of Adams County Housing Authority and is presented on the accrual basis of accounting and 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). 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: ACHA has elected not to use the 10 percent de minimis direct cost rate 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: Federal Loan Programs/Noncash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal activity of Adams County Housing Authority and is presented on the accrual basis of accounting and 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). 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: ACHA has elected not to use the 10 percent de minimis direct cost rate allowed under the Uniform Guidance.
ACHA has seven notes payable to Rural Development at interest rates ranging from 1% to 3.125%. The notes payable are part of a federal loan program. The outstanding balances on the loans are included in the federal expenditures presented in the schedule. The balance of loans outstanding as of December 31, 2023, consists of: Assistance Listing Number - 10.447 Program Name - Rural Development Multi-Family Housing Revialization Demonstration Program $1,588,905 (Includes deferred principal) Assistance Listing Number - 10.415 Program Name - Rural Rental Housing Loans $970,083 (Includes deferred prinicpal) Interest subsidies totaling $28,816 were received relating to the loans during 2023. The effect of the interest subsidies is to reduce the effective interest rate on the notes payable to approximately 1% over the life of the loan agreements.