Audit 329939

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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Mid-Iowa Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The allocations of expenses shown on the Statement of Functional Expenses were made by direct assignment of costs to functional categories where a direct relationship exists. Other common expenses have been allocated to separate functional categories based on management’s estimate of time spent in each area. The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of Mid-Iowa Housing Corporation under programs of the federal government for the year ended September 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 (Uniform Guidance). Because this Schedule presents only a selected portion of the operations of Mid-Iowa Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Mid-Iowa Housing Corporation.

Title: Section 515 Rural Rental Housing Loans 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Mid-Iowa Housing Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The allocations of expenses shown on the Statement of Functional Expenses were made by direct assignment of costs to functional categories where a direct relationship exists. Other common expenses have been allocated to separate functional categories based on management’s estimate of time spent in each area. Loans outstanding at the beginning of the year and loans made during the year, as well as interest subsidies received during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at September 30, 2024 consist of the following: Contract 9/30/24 ALN Number Balance 10.415 Loan #001 $119,089 10.415 Loan #002 40,443 10.415 Loan #003 93,955 10.415 Loan #004 55,193 10.415 Loan #006 306,263 $614,943