Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the PHA 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 Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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.
(2) The PHA has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year presented in the Schedule under the Public Housing Operating Fund and Public Housing Capital Fund Program equal the net Public Housing Operating Fund operating subsidy and Public Housing Capital Fund Program operating and capital grants respectively. For the Section 8 Housing Choice Vouchers, EHV Emergency Housing Voucher and Section 8 Moderate Rehab program expenditures of federal awards equal the PHA’s expenses for allowable costs for those specific programs made within the fiscal year under audit.
NOTE C – U.S. DEPARTMENT OF AGRICULTURE
The PHA administers a Community Facilities Loans and Grants Program (CFDA 10.766) funded by the U.S. Department of Agriculture. At June 30, 2024, the loan balance for the program totaled $1,098,528. The promissory note balance outstanding at the beginning of the fiscal year is included in the total expenditures of federal awards presented in the Schedule. The PHA received no additional loans during the year. Total grants received under the Community Facilities Loans and Grants Program are being reported as expenditures of federal awards.
NOTE D – SUBRECIPIENTS
The PHA provided no federal awards to subrecipients during the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The PHA has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the PHA 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 Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the PHA 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 Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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.
(2) The PHA has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year presented in the Schedule under the Public Housing Operating Fund and Public Housing Capital Fund Program equal the net Public Housing Operating Fund operating subsidy and Public Housing Capital Fund Program operating and capital grants respectively. For the Section 8 Housing Choice Vouchers, EHV Emergency Housing Voucher and Section 8 Moderate Rehab program expenditures of federal awards equal the PHA’s expenses for allowable costs for those specific programs made within the fiscal year under audit.
NOTE C – U.S. DEPARTMENT OF AGRICULTURE
The PHA administers a Community Facilities Loans and Grants Program (CFDA 10.766) funded by the U.S. Department of Agriculture. At June 30, 2024, the loan balance for the program totaled $1,098,528. The promissory note balance outstanding at the beginning of the fiscal year is included in the total expenditures of federal awards presented in the Schedule. The PHA received no additional loans during the year. Total grants received under the Community Facilities Loans and Grants Program are being reported as expenditures of federal awards.
NOTE D – SUBRECIPIENTS
The PHA provided no federal awards to subrecipients during the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The PHA has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
(1) 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.
(2) The PHA has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year presented in the Schedule under the Public Housing Operating Fund and Public Housing Capital Fund Program equal the net Public Housing Operating Fund operating subsidy and Public Housing Capital Fund Program operating and capital grants respectively. For the Section 8 Housing Choice Vouchers, EHV Emergency Housing Voucher and Section 8 Moderate Rehab program expenditures of federal awards equal the PHA’s expenses for allowable costs for those specific programs made within the fiscal year under audit.
Title: NOTE C – U.S. DEPARTMENT OF AGRICULTURE
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the PHA 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 Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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.
(2) The PHA has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year presented in the Schedule under the Public Housing Operating Fund and Public Housing Capital Fund Program equal the net Public Housing Operating Fund operating subsidy and Public Housing Capital Fund Program operating and capital grants respectively. For the Section 8 Housing Choice Vouchers, EHV Emergency Housing Voucher and Section 8 Moderate Rehab program expenditures of federal awards equal the PHA’s expenses for allowable costs for those specific programs made within the fiscal year under audit.
NOTE C – U.S. DEPARTMENT OF AGRICULTURE
The PHA administers a Community Facilities Loans and Grants Program (CFDA 10.766) funded by the U.S. Department of Agriculture. At June 30, 2024, the loan balance for the program totaled $1,098,528. The promissory note balance outstanding at the beginning of the fiscal year is included in the total expenditures of federal awards presented in the Schedule. The PHA received no additional loans during the year. Total grants received under the Community Facilities Loans and Grants Program are being reported as expenditures of federal awards.
NOTE D – SUBRECIPIENTS
The PHA provided no federal awards to subrecipients during the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The PHA has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
The PHA administers a Community Facilities Loans and Grants Program (CFDA 10.766) funded by the U.S. Department of Agriculture. At June 30, 2024, the loan balance for the program totaled $1,098,528. The promissory note balance outstanding at the beginning of the fiscal year is included in the total expenditures of federal awards presented in the Schedule. The PHA received no additional loans during the year. Total grants received under the Community Facilities Loans and Grants Program are being reported as expenditures of federal awards.
Title: NOTE D – SUBRECIPIENTS
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the PHA 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 Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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.
(2) The PHA has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year presented in the Schedule under the Public Housing Operating Fund and Public Housing Capital Fund Program equal the net Public Housing Operating Fund operating subsidy and Public Housing Capital Fund Program operating and capital grants respectively. For the Section 8 Housing Choice Vouchers, EHV Emergency Housing Voucher and Section 8 Moderate Rehab program expenditures of federal awards equal the PHA’s expenses for allowable costs for those specific programs made within the fiscal year under audit.
NOTE C – U.S. DEPARTMENT OF AGRICULTURE
The PHA administers a Community Facilities Loans and Grants Program (CFDA 10.766) funded by the U.S. Department of Agriculture. At June 30, 2024, the loan balance for the program totaled $1,098,528. The promissory note balance outstanding at the beginning of the fiscal year is included in the total expenditures of federal awards presented in the Schedule. The PHA received no additional loans during the year. Total grants received under the Community Facilities Loans and Grants Program are being reported as expenditures of federal awards.
NOTE D – SUBRECIPIENTS
The PHA provided no federal awards to subrecipients during the year ended June 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The PHA has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance
The PHA provided no federal awards to subrecipients during the year ended June 30, 2024.