Notes to SEFA
Title: Note 2 - Program Costs
Accounting Policies: Note 1- The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as Pierce County Housing Authority’s financial statements. Since the Federal grants are considered to be either subsidy based or cost reimbursement grants, amounts reported on the Schedule of Expenditures of Federal Awards are based on revenues, rather than expenses.
De Minimis Rate Used: N
Rate Explanation: Note 3- The Housing Authority has elected to not use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Actual program costs, including the Housing Authority’s portion, may be more than shown.
Title: Note 4 - Rural Rental Housing Loan
Accounting Policies: Note 1- The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as Pierce County Housing Authority’s financial statements. Since the Federal grants are considered to be either subsidy based or cost reimbursement grants, amounts reported on the Schedule of Expenditures of Federal Awards are based on revenues, rather than expenses.
De Minimis Rate Used: N
Rate Explanation: Note 3- The Housing Authority has elected to not use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
In 2014, the Authority was approved by the USDA Rural Housing Service to receive a loan totaling $696,219 for the acquisition of an apartment complex. The amount listed on this schedule is the outstanding loan balance as of January 1, 2023, amounting to $336,999. The balance of the Rural Rental Housing loan on December 31,2023, was $304,266.