Title: 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. As directed by the Office of the State Auditor of North Carolina, expenditures of funds from the State of North Carolina totaling $172,433,793 for the year ended June 30, 2024 are excluded from the Schedule.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rate was used.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the North Carolina Housing Finance Agency (the “Agency”) under programs of the federal government for the year ended June 30, 2024. 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 for Federal Awards (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of the Agency, it is not intended to and does not present the financial position, changes in net position or cash flows of the Agency. Therefore, certain amounts presented in the Schedule may differ from amounts presented in the Agency’s financial statements.
All of the Agency’s federal awards were in the form of cash assistance for the year ended June 30, 2024.
Title: Summary of Significant Accounting Policies
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. As directed by the Office of the State Auditor of North Carolina, expenditures of funds from the State of North Carolina totaling $172,433,793 for the year ended June 30, 2024 are excluded from the Schedule.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rate was used.
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. As directed by the Office of the State Auditor of North Carolina, expenditures of funds from the State of North Carolina totaling $172,433,793 for the year ended June 30, 2024 are excluded from the Schedule.
Title: Indirect Cost Rate
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. As directed by the Office of the State Auditor of North Carolina, expenditures of funds from the State of North Carolina totaling $172,433,793 for the year ended June 30, 2024 are excluded from the Schedule.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rate was used.
The Agency has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Administrative Expenses
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. As directed by the Office of the State Auditor of North Carolina, expenditures of funds from the State of North Carolina totaling $172,433,793 for the year ended June 30, 2024 are excluded from the Schedule.
De Minimis Rate Used: N
Rate Explanation: Indirect cost rate was used.
See the Notes to the SEFA for table