Title: Note 1 - Basis of Accounting
Accounting Policies: The Housing Authority maintains its accounting records in accordance with US. Generally Accepted
Accounting Principles (GAAP) on the accrual basis. Revenues are recognized in the period earned, with the
corresponding receivable recorded at that time. Expenses are recognized in the period incurred.
De Minimis Rate Used: N
Rate Explanation: The amount expended includes $702,580 claimed as an indirect cost recovery using an approved indirect cost
rate. The Housing Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The Housing Authority maintains its accounting records in accordance with US. Generally Accepted
Accounting Principles (GAAP) on the accrual basis. Revenues are recognized in the period earned, with the
corresponding receivable recorded at that time. Expenses are recognized in the period incurred.
Title: Note 2 – Program Costs
Accounting Policies: The Housing Authority maintains its accounting records in accordance with US. Generally Accepted
Accounting Principles (GAAP) on the accrual basis. Revenues are recognized in the period earned, with the
corresponding receivable recorded at that time. Expenses are recognized in the period incurred.
De Minimis Rate Used: N
Rate Explanation: The amount expended includes $702,580 claimed as an indirect cost recovery using an approved indirect cost
rate. The Housing Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs
for the federal awards. Costs expended from other sources are not included on these schedules.
Title: Note 3 - Federal Loans
Accounting Policies: The Housing Authority maintains its accounting records in accordance with US. Generally Accepted
Accounting Principles (GAAP) on the accrual basis. Revenues are recognized in the period earned, with the
corresponding receivable recorded at that time. Expenses are recognized in the period incurred.
De Minimis Rate Used: N
Rate Explanation: The amount expended includes $702,580 claimed as an indirect cost recovery using an approved indirect cost
rate. The Housing Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
ALN #: 14.228 Community Development Block Grants States Program
The Housing Authority of Thurston County was approved for a loan from the City of Olympia using
Community Development Block Grant funds totaling $360,000. The funds were used to acquire land to build
24 additional units at an existing property for low income individuals and families. The amount listed is the
outstanding balance from prior years. The project was completed in July 2011.
ALN #: 14.218 Community Development Block Grant Entitlement Grants
The Housing Authority of Thurston County entered into a sub-recipient agreement on September 26, 2014
secured by a deed of trust and promissory note with Thurston County using Community Development Block
Grant funds totaling $382,726. The funds were used to acquire two 4-plexes for low income individuals and
families. The amount listed for this loan includes the proceeds used during the year and the outstanding
balance at year end.
ALN #: 14.239 HOME Investment Partnership Program
The Housing Authority of Thurston County entered into an agreement on September 26, 2014 secured by a
deed of trust and promissory note with Thurston County using HOME funds totaling $233,734. The funds
were used to build two triplexes for low income individuals and families. The amount listed for this loan
includes the proceeds used during the year and the outstanding balance at year end.
Title: Note 4 - FEDERAL INDIRECT COST RATE
Accounting Policies: The Housing Authority maintains its accounting records in accordance with US. Generally Accepted
Accounting Principles (GAAP) on the accrual basis. Revenues are recognized in the period earned, with the
corresponding receivable recorded at that time. Expenses are recognized in the period incurred.
De Minimis Rate Used: N
Rate Explanation: The amount expended includes $702,580 claimed as an indirect cost recovery using an approved indirect cost
rate. The Housing Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The amount expended includes $702,580 claimed as an indirect cost recovery using an approved indirect cost
rate. The Housing Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
Title: Note 5 - Authority Reporting
Accounting Policies: The Housing Authority maintains its accounting records in accordance with US. Generally Accepted
Accounting Principles (GAAP) on the accrual basis. Revenues are recognized in the period earned, with the
corresponding receivable recorded at that time. Expenses are recognized in the period incurred.
De Minimis Rate Used: N
Rate Explanation: The amount expended includes $702,580 claimed as an indirect cost recovery using an approved indirect cost
rate. The Housing Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under
the Uniform Guidance.
The Housing Authority of Thurston County reported total expenditures of federal awards. When the total
expenditures exceed the total award, the amount reported represents the federal award. The Section 8
Housing Choice Voucher program award of $25,607,252 had expenditures of $24,709,062. The Emergency
Housing Voucher program award of $924,309 had expenditures of $1,019,635.