Title: Financial Reporting Entity
Accounting Policies: Expenditures for non-loan programs are reported on the Schedule on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Office of Management and Budget Circular A-87, Cost Principles for State, Local and
Indian Tribal Governments for federal funds awarded prior to December 26, 2014, and cost
principles contained in the Uniform Guidance for federal funds awarded on or after
December 26, 2014, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. Expenditures for loan programs includes outstanding loan principal and
accrued interest on these loans as of the beginning of the fiscal year.
The Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The Boston Redevelopment Authority (the Authority) was established in 1957 pursuant to
Chapter 121B, as amended, of the General Laws of Massachusetts, to administer community
development projects and to function as the planning Authority of the City of Boston (the
City). The Authority is a component unit of the City.
On October 20, 2016, the board approved the renaming of the Authority d/b/a the Boston
Planning & Development Agency. For all legal documents and as a legal entity, the
Authority shall legally remain.
Title: Basis of Presentation
Accounting Policies: Expenditures for non-loan programs are reported on the Schedule on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Office of Management and Budget Circular A-87, Cost Principles for State, Local and
Indian Tribal Governments for federal funds awarded prior to December 26, 2014, and cost
principles contained in the Uniform Guidance for federal funds awarded on or after
December 26, 2014, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. Expenditures for loan programs includes outstanding loan principal and
accrued interest on these loans as of the beginning of the fiscal year.
The Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the
federal grant activity of the 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 Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance). Therefore, some amounts presented in the Schedule may differ from amounts
presented in, or used in the preparation of the Authority’s basic financial statements. Because
the Schedule presents only a selected portion of the operations of the Authority, it is not
intended to and does not present the financial position, changes in financial position or cash
flows of the Authority.
Title: Urban Development Action Grants (CFDA No. 14.221)
Accounting Policies: Expenditures for non-loan programs are reported on the Schedule on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Office of Management and Budget Circular A-87, Cost Principles for State, Local and
Indian Tribal Governments for federal funds awarded prior to December 26, 2014, and cost
principles contained in the Uniform Guidance for federal funds awarded on or after
December 26, 2014, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. Expenditures for loan programs includes outstanding loan principal and
accrued interest on these loans as of the beginning of the fiscal year.
The Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The Authority is the administrator of an Urban Development Action Grant (UDAG) loan
issued by the City to Harbor Point Apartments Co. Limited Partnership from grant funds
received from the US Department of Housing and Urban Development (HUD). The
Authority receives repayment of principal and interest based on the repayment terms of the
loan and remits the funds to the City. The loan repayment commenced on January 1, 1994, with monthly installments in arrears
based on a 40-year amortization schedule. The applicable interest rates are 0% for loan years
1-3, 5% for loan years 4-9, 8% years 10 through April 15, 2015; and 3.65%, simple interest,
from April 16, 2015 through the date of full repayment. Lump sum contingent interest
payments are due at the end of each operational year equal to 13.335% of net annual cash
flow of the project. Repayments will be made only after making cash distributions permitted
by the Massachusetts Housing Finance Agency. If repayments are not made, they are
considered due as part of a balloon payment of all outstanding principal and accrued interest
in December 2045.
The amount reported on the Schedule reflects the outstanding balance of principal and
interest as of July 1, 2023, as the loan includes continuing compliance requirements. At June
30, 2024, the principal balance was $12,000,000 and accrued interest totaled $8,369,394,
inclusive of $438,000 incurred for the year ended June 30, 2024.
Title: Subsequent Events
Accounting Policies: Expenditures for non-loan programs are reported on the Schedule on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Office of Management and Budget Circular A-87, Cost Principles for State, Local and
Indian Tribal Governments for federal funds awarded prior to December 26, 2014, and cost
principles contained in the Uniform Guidance for federal funds awarded on or after
December 26, 2014, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. Expenditures for loan programs includes outstanding loan principal and
accrued interest on these loans as of the beginning of the fiscal year.
The Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The Authority has evaluated subsequent events through March 20, 2025, which is the
date the Schedule was available to be issued. No material subsequent events have
occurred since June 30, 2024, that required recognition or disclosure in the Schedule.