Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the grant activity of the Housing Authority of the City of St. Paul, Nebraska 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 the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Housing Authority of the City of St. Paul, Nebraska.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority of the City of St. Paul, Nebraska has not elected to use the 10% de minimis cost rate as covered in 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance) 200.414 Indirect (F&A) Costs.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: HOME Program
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the grant activity of the Housing Authority of the City of St. Paul, Nebraska 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 the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Housing Authority of the City of St. Paul, Nebraska.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority of the City of St. Paul, Nebraska has not elected to use the 10% de minimis cost rate as covered in 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance) 200.414 Indirect (F&A) Costs.
HOME Program loan proceeds were distributed to St. Paul Cottages, LLC in September 2011. The HOME program funds were used by St. Paul Cottages, LLC to construct two housing units. The Housing Authority of the City of St. Paul, Nebraska is the managing member of St. Paul Cottages, LLC and owns 0.01% of the LLC. The funds advanced are repayable to the U.S. Department of Housing & Urban Development (HUD) in the
event that the Housing Authority or its sub-recipient (St. Paul Cottages, LLC) does not maintain the constructed property for low-income housing for 20 years. If the terms of the agreement are met, the funds are not required to be paid back to HUD. The Housing Authority's Parkside North project also has a deferred HOME Program loan. The combined outstanding HOME Program loan balance, including accrued interest, at
June 30, 2024, was $470,564.
Title: Rural Rental Housing
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the grant activity of the Housing Authority of the City of St. Paul, Nebraska 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 the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Housing Authority of the City of St. Paul, Nebraska.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority of the City of St. Paul, Nebraska has not elected to use the 10% de minimis cost rate as covered in 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance) 200.414 Indirect (F&A) Costs.
Rural rental housing loans were distributed to Housing Authority of the City of St. Paul, Nebraska. The funds
were used to construct the rental units. The funds advanced are repayable to the U.S. Department of Agriculture – Rural Development. The balance of the loans at June 30, 2024, was $655,500.