Audit 321043

Title: FEDERAL LOANS Accounting Policies: This Schedule is prepared on the same basis of accounting as the Housing Authority’s financial statements. The Housing Authority uses the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The Housing Authority of Grant County has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance. The amounts shown as current year expenditures represent only the federal portion of the program costs. Entire program costs, including the Housing Authority’s portion, may be more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. A. The Housing Authority was approved by the USDA Rural Development to receive a loan totaling $1,799,990 for construction of Esperanza Housing Development. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at the end of the period is $1,423,296. B. The Housing Authority was approved by the USDA Rural Development to receive a loan totaling $2,016,263 for construction of Esperanza Housing Development. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at the end of the period is $1,692,454. C. The Housing Authority was approved by the USDA Rural Development to receive a loan totaling $1,200,000 for construction of Esperanza Housing Development. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at the end of the period is $1,200,000. D. The Housing Authority was approved by the USDA Rural Development to receive a loan totaling $756,478 for construction of Esperanza Housing Development. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at the end of the period is $756,478. E. The Housing Authority was approved by the USDA Rural Development to receive a loan totaling $450,702 for a mortgage on Beverly Lane Apartments. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at the end of the period is $76,083. F. The Housing Authority was approved by the USDA Rural Development to receive a loan totaling $159,194 for a mortgage on Karen Lane Apartments. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at the end of the period is $67,736.