Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the grant activity of the Hall County Housing Authority 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 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 Authority.
De Minimis Rate Used: N
Rate Explanation: Hall County Housing Authority 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 Hall County Housing Authority 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 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 Authority.
De Minimis Rate Used: N
Rate Explanation: Hall County Housing Authority 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 Victory Place, LLC in December 2015. The HOME program funds were used by Victory Place, LLC construct 4 housing units. The funds advanced are repayable to the U.S. Department of Housing & Urban Development (HUD) in the event that the Housing Authority or its subrecipient (Victory Place, 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 outstanding HOME Program loan balance, including accrued interest, at June 30, 2024, was $533,561.