Title: NOTE 8-Section 8 Moderate Rehabilitation Single Room Occupancy 14.249
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amount reported on the SEFA is operating subsidy revenue received. Actual program expenses totaled $230,452
Title: NOTE 9-HOME Investment Partnership program and the 811 Rental
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Both of these programs receive pass through funds from the Washington State Department of Commerce
Title: NOTE 10-Emergency Housing Vouchers
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
A total of $169,169 was received in funding from HUD for these vouchers during the fiscal year and total operating expenses were $348,728. Restricted cash received in the prior year was used to pay for some of the excess operating costs
Title: NOTE 11-COVID-19 CDBG Grant
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Total operating expenses for this grant were $109,758
Title: NOTE 12-Public Housing Capital Fund
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
$534,324 was for capital expenditures,$406,363 for capital fund soft costs, and $130,359 for the 10% admin fee
Title: NOTE 13-The Department of Children, youth, and Families through the
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant was for $35,000. Only $623 has been spent during the fiscal year.
Title: NOTE 14-Low Rent Public Housing
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Operating subsidy received from HUD for public housing
Title: NOTE 2-Program Costs
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts shown as current year expenditures represent only the federal portion of the program costs. Actual program costs, including the Housing Authority's portion, may be more than shown.
Title: NOTE 3-Federal Loans
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Outstanding loan balances with continuing compliance requirements, including those received and expended in prior years are listed under Debt Liability Balance
Title: NOTE 5-American Recovery and Reinvestment (ARRA) of 2009
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures for this program were funded by ARRA
Title: NOTE 6-Section 8 Housing Choice Vouchers 14.871
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amount reported on the SEFA is operating revenue received of $16,633,098. Actual program operating expenses were $17,087,093
Title: NOTE 7-Continuum of Care 14.267
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Housing Authority's financial statements. The Housing Authority uses the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Kitsap Community Resources is a sub-recipient of this grant and they received $91,700 of pass-through funds.