Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures are reported on the Schedule on the accrual basis of accounting. Such expenditures are recognized following the cost principles obtained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Poweshiek Area Housing, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowed by the Uniform Guidance.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 1704157.
Title: Basis of Presentation
Accounting Policies: Expenditures are reported on the Schedule on the accrual basis of accounting. Such expenditures are recognized following the cost principles obtained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Poweshiek Area Housing, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowed by the Uniform Guidance.
The schedule of expenditures of federal awards includes the federal award activity of Poweshiek Area Housing, HUD Project No. 074-11042, under programs of the federal government for the year ended December 31, 2021. 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 the Schedule presents only a selected portion of the operations of Poweshiek Area Housing, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Poweshiek Area Housing.