Audit 346440

Title: Note 3: Loans Outstanding Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Roanoke Rapids Housing Authority under the programs of the federal government for the year ended June 30, 2024. The information in this SEFA is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of Roanoke Rapids Housing Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of Roanoke Rapids Housing Authority. Expenditures reported in the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: No indirect costs Roanoke Rapids Housing Authority had the following loan balances outstanding at June 30, 2024 for loans that the grantor/pass-through grantor has still imposed continuing compliance requirements. Loans outstanding at the beginning of the year and loans made during the year are included in the SEFA. The balance of loans outstanding at June 30, 2024 consist of: Program Title: N/C S/R Section 8 Rural Housing Loan Assistance Number: 14.182 Pass-through Grantor's Number: - Amount Outstanding: $398,564.