Title: SCOPE OF AUDIT PURSUANT TO UNIFORM GUIDANCE
Accounting Policies: The nature of the programs used dictate that the only purpose and main mission is to provide affordable housing. HUD will not allow entity to engage in any other purpose so it is very easy to inventory the programs from year to year that the entity uses; Capital Fund Program and rent subsidy. Balances are pulled directly from various GL accounts specifically used to account for the Capital Fund Program and the rent subsidy received on an accrual basis. Management is very experienced in these areas, key personnel have not changed in several years and the methods are unchanged from the prior year.
De Minimis Rate Used: N
Rate Explanation: de minimis
The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award programs of the Authority. All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies or other entities are included in the Schedule. The Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: BASIS OF PRESENTATION`
Accounting Policies: The nature of the programs used dictate that the only purpose and main mission is to provide affordable housing. HUD will not allow entity to engage in any other purpose so it is very easy to inventory the programs from year to year that the entity uses; Capital Fund Program and rent subsidy. Balances are pulled directly from various GL accounts specifically used to account for the Capital Fund Program and the rent subsidy received on an accrual basis. Management is very experienced in these areas, key personnel have not changed in several years and the methods are unchanged from the prior year.
De Minimis Rate Used: N
Rate Explanation: de minimis
The Authority’s Schedule of Expenditures of Federal Awards has been prepared using the same basis of accounting as the June 30, 2024 financial statements of the Authority. The Authority reports to HUD using the accrual basis of accounting. A complete description of the basis of accounting is included in Note 1 to those financial statements.
Title: CONTINGENCIES
Accounting Policies: The nature of the programs used dictate that the only purpose and main mission is to provide affordable housing. HUD will not allow entity to engage in any other purpose so it is very easy to inventory the programs from year to year that the entity uses; Capital Fund Program and rent subsidy. Balances are pulled directly from various GL accounts specifically used to account for the Capital Fund Program and the rent subsidy received on an accrual basis. Management is very experienced in these areas, key personnel have not changed in several years and the methods are unchanged from the prior year.
De Minimis Rate Used: N
Rate Explanation: de minimis
In connection with various federal grant programs, the Authority is obligated to administer related programs and spend the funds in accordance with regulatory restrictions, and is subject to audit by grantor agencies and other auditors. In cases of noncompliance, the agencies involved may require the Authority to refund program funds.
Title: PUBLIC HOUSING CAPITAL FUND DETAIL BY GRANT YEAR
Accounting Policies: The nature of the programs used dictate that the only purpose and main mission is to provide affordable housing. HUD will not allow entity to engage in any other purpose so it is very easy to inventory the programs from year to year that the entity uses; Capital Fund Program and rent subsidy. Balances are pulled directly from various GL accounts specifically used to account for the Capital Fund Program and the rent subsidy received on an accrual basis. Management is very experienced in these areas, key personnel have not changed in several years and the methods are unchanged from the prior year.
De Minimis Rate Used: N
Rate Explanation: de minimis
Identifying Number CFDA Number Total Grant Prior Year Expenditures Current Year Expenditures Remaining Grant
UT01P00250121 14.872* 504,502 - 418,820 85,682
UT01P00250122 14.872* 620,118 234,164 92,149 293,805
$1,124,620 $652,984 $177,831 $293,805
Title: HOME LOAN
Accounting Policies: The nature of the programs used dictate that the only purpose and main mission is to provide affordable housing. HUD will not allow entity to engage in any other purpose so it is very easy to inventory the programs from year to year that the entity uses; Capital Fund Program and rent subsidy. Balances are pulled directly from various GL accounts specifically used to account for the Capital Fund Program and the rent subsidy received on an accrual basis. Management is very experienced in these areas, key personnel have not changed in several years and the methods are unchanged from the prior year.
De Minimis Rate Used: N
Rate Explanation: de minimis
Victoria Ridge BC Associates, LLC received HOME investment partnership program funds passed through local governments. (See Note 5 – Notes Payable Component Unit). The loan balance outstanding is included in the federal expenditures presented in the schedule because there are ongoing compliance requirements. Per Title 2 U.S. Code of Federal Awards paragraph 200.502 (Uniform Guidance), for loan guarantee programs the amount of federal awards expended based on the beginning of the period balance of loans from previous years for which the Federal government imposes continuing compliance requirements. So, the amount of federal awards expended for the loan guarantee program listed in this schedule will differ from the balance reflected on the balance sheet by the amount of principal paid during the reporting period. The outstanding loan balance at period end is $410,060.