Title: 1. Basis of Accounting
Accounting Policies: 1. Basis of Accounting: The accompanying Supplemental Schedule of Expenditures of Federal Awards (The "Schedule") presents the activity of all federal financial assistance programs of the Everett Housing Authority (the "Authority"). The Authority's reporting entity is defined in Note 1 to the Authority's financial statements. All federal financial assistance that is passed through to the other agencies is required to be included on the Schedule.
The information presented in the Schedule is presented in accordance with the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Revenue and expenses are presented on an accrual basis of accounting wiht the exception of fixed assets and depreciation. For purposes of the Schedule, depreciation expense is not recorded, and the cost of fixed asset additions is included as an expenditures.
De Minimis Rate Used: N
Rate Explanation: 2. Indirect Cost Rate: The Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying Supplemental Schedule of Expenditures of Federal Awards (The "Schedule") presents the activity of all federal financial assistance programs of the Everett Housing Authority (the "Authority"). The Authority's reporting entity is defined in Note 1 to the Authority's financial statements. All federal financial assistance that is passed through to the other agencies is required to be included on the Schedule.
The information presented in the Schedule is presented in accordance with the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Revenue and expenses are presented on an accrual basis of accounting wiht the exception of fixed assets and depreciation. For purposes of the Schedule, depreciation expense is not recorded, and the cost of fixed asset additions is included as an expenditures.
Title: 2. Indirect Cost Rate
Accounting Policies: 1. Basis of Accounting: The accompanying Supplemental Schedule of Expenditures of Federal Awards (The "Schedule") presents the activity of all federal financial assistance programs of the Everett Housing Authority (the "Authority"). The Authority's reporting entity is defined in Note 1 to the Authority's financial statements. All federal financial assistance that is passed through to the other agencies is required to be included on the Schedule.
The information presented in the Schedule is presented in accordance with the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Revenue and expenses are presented on an accrual basis of accounting wiht the exception of fixed assets and depreciation. For purposes of the Schedule, depreciation expense is not recorded, and the cost of fixed asset additions is included as an expenditures.
De Minimis Rate Used: N
Rate Explanation: 2. Indirect Cost Rate: The Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Title: 3. Federal Loans
Accounting Policies: 1. Basis of Accounting: The accompanying Supplemental Schedule of Expenditures of Federal Awards (The "Schedule") presents the activity of all federal financial assistance programs of the Everett Housing Authority (the "Authority"). The Authority's reporting entity is defined in Note 1 to the Authority's financial statements. All federal financial assistance that is passed through to the other agencies is required to be included on the Schedule.
The information presented in the Schedule is presented in accordance with the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Revenue and expenses are presented on an accrual basis of accounting wiht the exception of fixed assets and depreciation. For purposes of the Schedule, depreciation expense is not recorded, and the cost of fixed asset additions is included as an expenditures.
De Minimis Rate Used: N
Rate Explanation: 2. Indirect Cost Rate: The Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Outstanding loan balances with continuing compliance requirements, including those received and expended in prior years are the following:
CDBG Loan:
City of Everett CDBG loan for Evergreen Cottages in the amount of $539,084 with a loan term of 2020 - 2045. As of June 30, 2024, the balance of the loan and the amount of expended proceeds is $536,235. We do not expect to draw the remaining balance of the loan
Title: 4. Program Costs
Accounting Policies: 1. Basis of Accounting: The accompanying Supplemental Schedule of Expenditures of Federal Awards (The "Schedule") presents the activity of all federal financial assistance programs of the Everett Housing Authority (the "Authority"). The Authority's reporting entity is defined in Note 1 to the Authority's financial statements. All federal financial assistance that is passed through to the other agencies is required to be included on the Schedule.
The information presented in the Schedule is presented in accordance with the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Revenue and expenses are presented on an accrual basis of accounting wiht the exception of fixed assets and depreciation. For purposes of the Schedule, depreciation expense is not recorded, and the cost of fixed asset additions is included as an expenditures.
De Minimis Rate Used: N
Rate Explanation: 2. Indirect Cost Rate: The Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The amounts shown on the Schedule are for current year expenditures and represent only the federal portion of the actual program costs. Actual program costs, including the Authority's portion may be more than shown.
Title: 5. American Rescue Plan Act Award Funding for Emergency Housing Vouchers
Accounting Policies: 1. Basis of Accounting: The accompanying Supplemental Schedule of Expenditures of Federal Awards (The "Schedule") presents the activity of all federal financial assistance programs of the Everett Housing Authority (the "Authority"). The Authority's reporting entity is defined in Note 1 to the Authority's financial statements. All federal financial assistance that is passed through to the other agencies is required to be included on the Schedule.
The information presented in the Schedule is presented in accordance with the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Revenue and expenses are presented on an accrual basis of accounting wiht the exception of fixed assets and depreciation. For purposes of the Schedule, depreciation expense is not recorded, and the cost of fixed asset additions is included as an expenditures.
De Minimis Rate Used: N
Rate Explanation: 2. Indirect Cost Rate: The Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
The Authority was awarded 56 Emergency Housing Vouchers funded by the American Rescue Plan Act of 2021 (Public Law No:117-2) to provide rental assistance for individuals and families. Eligibility for these vouchers is limited to individuals and families who are (1) homeless; (2) at risk of homelessness; (3) fleeing, or attempting to flee, domestic violence, dating violence, sexual assault, stalking, or human trafficking; or (4) recently homeless and for whom providing rental assistance will prevent the family’s future homelessness or having high risk of housing instability. The Emergency Housing Voucher Program operates as a separate program distinct from the regular tenant-based Housing Choice Voucher Program and provides tenant-based assistance. No new Assistance Listing Number (ALN) was issued for the Emergency Housing Vouchers program therefore the supplemental funding is reported under ALN 14.871 associated with the Housing Choice Voucher Program on the Schedule when expended.
As of June 30, 2024, the Authority had expended $1,391,840 of the award funding for Emergency Housing Vouchers and 55 of the 56 awarded vouchers had been utilized. The Authority actively monitors and plans activities related to the management of our voucher counts in order to comply with HUD's leasing provisions on a calendar year basis.