Notes to SEFA
Title: LOAN
Accounting Policies: THE ACCOMPANYING SCHEDULE OF FEDERAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL AWARD ACTIVITY OF MHA UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDED MARCH 31, 2024. THE INFORMATION IN THE SCHEDULE IS PRESENTED IN ACCORDANCE WITH THE UNIFORM GUIDANCE. BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF MHA, IT IS NOT INTENDED TO, AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS AND CASH FLOWS OF MHA. 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. NO AMOUNTS WERE PASSED THROUGH TO SUBRECIPIENTS.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has not elected to use the 10% deminimus indirect cost rate.
THERE WAS A BEGINNING BALANCE ON THIS LOAN GUARANTEE PROGRAM OF $0. IN THE CURRENT YEAR, THERE WERE ADVANCES OF $301,905 ON THIS LOAN. THE BALANCE OF THE LOAN GUARANTEE OUTSTANDING AT MARCH 31, 2024 IS $301,905.