Notes to SEFA
Title: NOTE 2 – SECTION 8 HOUSING CHOICE VOUCHER PROGRAM EXPENDITURES
Accounting Policies: Note 1 - Basis of Accounting - This schedule is prepared on the same basis of accounting as the Peninsula Housing Authority financial statements. The Peninsula Housing Authority uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 4 - Indirect Cost Rate - The Peninsula Housing Authority does not use an indirect cost rate and has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
As required by the granting agency, the amounts shown on the schedule for the Housing Choice Voucher program (ALN 14.871) represent amounts awarded to the Authority. Actual HAP expenditures of the grant during the period were $6,413,083 and $163,450 for EHV HAP expenditures.
Title: NOTE 3 - FEDERAL LOANS
Accounting Policies: Note 1 - Basis of Accounting - This schedule is prepared on the same basis of accounting as the Peninsula Housing Authority financial statements. The Peninsula Housing Authority uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 4 - Indirect Cost Rate - The Peninsula Housing Authority does not use an indirect cost rate and has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The Peninsula Housing Authority has received Rural Rental Housing Loans associated with two separate properties – Peninsula Apartments and Wildwood Apartments. Both receive a monthly interest subsidy. The property loans are combined by property but listed separate by property on the SEFA with loan balances reported as beginning year balances. The detail of the loans can be found in the accompanying Notes to the Financial Statements. These are direct loans.
Peninsula Outstanding Debt 6/30/2024 – $ 749,884
Wildwood Outstanding Debt 6/30/2024 – $1,304,782
Shop funds are required to report all loans, both at year’s beginning and year’s end, with continued federal compliance. Any difference in beginning year (Debt Liability Balance) and end year (Total Balance) is the receipt of new loans received in current year. The full balance is subject to continuing compliance until each such loan is converted to a grant or until maturity. The balance of the loans at 06/30/2024 is $300,000. These are direct loans.