Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the grant activity of the Holdrege Housing Authority under programs of the federal government for the year ended July 31, 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
assets, or cash flows of the Holdrege Housing Authority.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority of the City of Holdrege 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 Holdrege Housing Authority under programs of the federal government for the year ended July 31, 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
assets, or cash flows of the Holdrege Housing Authority.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority of the City of Holdrege 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 Sunrise East, LLC in 2009, Sunrise Lane, LLC in 2011, Windhaven Estates, LLC in 2016, and Horizon Estates, LLC in 2020. The HOME Program funds were used by the entities to construct low-income housing units. Holdrege Housing Authority is the managing member of Sunrise East, LLC, Sunrise Lane, LLC, Windhaven Estates, LLC, and Horizon Estates, LLC and owns .01% of
each. 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-recipients (Sunrise East, LLC, Sunrise Lane, LLC, Windhaven
Estates, LLC, and Horizon Estates, LLC) do 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 original balance of the HOME Program loans were $452,640 for Sunrise East, LLC, $578,639 for Sunrise Lane, LLC, $496,301 for Windhaven Estates, LLC, and $400,000 for Horizon Estates, LLC.