Notes to SEFA
Title: NOTE C - RURAL RENTAL HOUSING LOANS
Accounting Policies: NOTE A - BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Pike County Housing
Authority and is presented on the accrual basis of accounting. 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 the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows
of the Authority.
NOTE B - SUMMARY OF SIGNIFICANT 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not
allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: The Pike County Housing Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The Pike County Housing Authority has two mortgage loans with the U.S. Department of Agriculture. The loan balances as of June 30, 2023 and 2024 totaled $658,168 and $597,771, respectively. The amount reported on the accompanying Schedule of
Expenditures of Federal Awards includes the loan payment subsidy of $75,244.
Title: NOTE D - HOME INVESTMENT PARTNERSHIP LOAN
Accounting Policies: NOTE A - BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Pike County Housing
Authority and is presented on the accrual basis of accounting. 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 the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows
of the Authority.
NOTE B - SUMMARY OF SIGNIFICANT 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not
allowable or are limited as to reimbursement
De Minimis Rate Used: N
Rate Explanation: The Pike County Housing Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The Pike County Housing Authority has a mortgage loan with the Kentucky Housing Corporation. The loan balance as of June
30, 2023 and 2024 totaled $335,460 and $326,960, respectively.