Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Hoosick Housing Authority under programs of the federal government for the year ended December 31, 2022. 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 of Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of the Town of Hoosick Housing Authority, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Town of Hoosick Housing Authority. 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 212005. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 822465.
Title: NON-CASH FEDERAL AWARDS
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Hoosick Housing Authority under programs of the federal government for the year ended December 31, 2022. 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 of Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of the Town of Hoosick Housing Authority, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Town of Hoosick Housing Authority. 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority receives interest credit subsidy from USDA that does not result in cash receipts ordisbursements. For the year ended December 31, 2022, the Authority received and expensed $83,013worth of non-cash interest credit subsidy under CFDA #: 10-415 - Rural Rental Housing Loan Program.This amount is included in the above schedule as the sum of $21,723 and $61,290.
Title: LOAN BALANCES
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Hoosick Housing Authority under programs of the federal government for the year ended December 31, 2022. 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 of Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of the Town of Hoosick Housing Authority, it is not intended to and does not present the financial position, change in net assets, or cash flows of the Town of Hoosick Housing Authority. 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The beginning outstanding balances of loans under the CFDA #: 10.415 - Rural Rental Housing Loan Programwith continuing compliance requirements presented in the above schedule was $1,078,023, which is the sumof $235,934 and $842,089. As of December 31, 2022, the outstanding balances of the loans were $212,005and $822,465 respectively.