Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award
activity of Boise Housing Corporation under programs of the federal government for the year ended December
31, 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). Because the Schedule presents only a selected portion
of the activities of Boise Housing Corporation, it is not intended to and does not present either the financial
position, results of activities, changes in net assets, or cash flows of Boise Housing Corporation. 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.
De Minimis Rate Used: N
Rate Explanation: Boise Housing Corporation does not use the 10% de minimis cost rate. Rural Development allows $7,500 to
cover indirect costs. This amount is allocated to the 100% owned Rural Development projects.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award
activity of Boise Housing Corporation under programs of the federal government for the year ended December
31, 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). Because the Schedule presents only a selected portion
of the activities of Boise Housing Corporation, it is not intended to and does not present either the financial
position, results of activities, changes in net assets, or cash flows of Boise Housing Corporation.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award
activity of Boise Housing Corporation under programs of the federal government for the year ended December
31, 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). Because the Schedule presents only a selected portion
of the activities of Boise Housing Corporation, it is not intended to and does not present either the financial
position, results of activities, changes in net assets, or cash flows of Boise Housing Corporation. 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.
De Minimis Rate Used: N
Rate Explanation: Boise Housing Corporation does not use the 10% de minimis cost rate. Rural Development allows $7,500 to
cover indirect costs. This amount is allocated to the 100% owned Rural Development projects.
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.
Title: Federal Financial Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award
activity of Boise Housing Corporation under programs of the federal government for the year ended December
31, 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). Because the Schedule presents only a selected portion
of the activities of Boise Housing Corporation, it is not intended to and does not present either the financial
position, results of activities, changes in net assets, or cash flows of Boise Housing Corporation. 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.
De Minimis Rate Used: N
Rate Explanation: Boise Housing Corporation does not use the 10% de minimis cost rate. Rural Development allows $7,500 to
cover indirect costs. This amount is allocated to the 100% owned Rural Development projects.
Pursuant to the Single Audit Act and Uniform Guidance, federal financial assistance is defined as assistance
provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative
agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. Federal
financial assistance does not include direct federal cash assistance to individuals.
The following programs have been identified as major programs for the year ended December 31, 2024: (SEE THE NOTES TO THE SEFA FOR CHART/TABLE)
Title: Outstanding Balance of RHS Loans as of December 31, 2024
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award
activity of Boise Housing Corporation under programs of the federal government for the year ended December
31, 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). Because the Schedule presents only a selected portion
of the activities of Boise Housing Corporation, it is not intended to and does not present either the financial
position, results of activities, changes in net assets, or cash flows of Boise Housing Corporation. 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.
De Minimis Rate Used: N
Rate Explanation: Boise Housing Corporation does not use the 10% de minimis cost rate. Rural Development allows $7,500 to
cover indirect costs. This amount is allocated to the 100% owned Rural Development projects.
In accordance with Uniform Guidance requirements, the RHS loan balance on the Schedule of Expenditures of
Federal Awards, Assistance Listing Number 10.415 is the balance at the beginning of the year January 1, 2024.
The outstanding balance of the RHS loans, Assistance Listing Number 10.415 as of December 31, 2024, is
$32,693,809.
Title: Federal Indirect Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award
activity of Boise Housing Corporation under programs of the federal government for the year ended December
31, 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). Because the Schedule presents only a selected portion
of the activities of Boise Housing Corporation, it is not intended to and does not present either the financial
position, results of activities, changes in net assets, or cash flows of Boise Housing Corporation. 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.
De Minimis Rate Used: N
Rate Explanation: Boise Housing Corporation does not use the 10% de minimis cost rate. Rural Development allows $7,500 to
cover indirect costs. This amount is allocated to the 100% owned Rural Development projects.
Boise Housing Corporation does not use the 10% de minimis cost rate. Rural Development allows $7,500 to
cover indirect costs. This amount is allocated to the 100% owned Rural Development projects.
Title: Other Federal Financial Assistance not included on the Schedule of Federal Awards:
Excluded Federal Financial Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award
activity of Boise Housing Corporation under programs of the federal government for the year ended December
31, 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). Because the Schedule presents only a selected portion
of the activities of Boise Housing Corporation, it is not intended to and does not present either the financial
position, results of activities, changes in net assets, or cash flows of Boise Housing Corporation. 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.
De Minimis Rate Used: N
Rate Explanation: Boise Housing Corporation does not use the 10% de minimis cost rate. Rural Development allows $7,500 to
cover indirect costs. This amount is allocated to the 100% owned Rural Development projects.
Some federal assistance that is included in the Consolidated Financial Statements of Boise Housing Corporation,
has not been reported on the Schedule of Federal Awards but was reported to the respective federal agencies
separately in separate audit reports in the amount of $16,272,723, as detailed below.
Title: Other Federal Financial Assistance not included on the Schedule of Federal Awards: Wholly Controlled Subsidiaries:
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award
activity of Boise Housing Corporation under programs of the federal government for the year ended December
31, 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). Because the Schedule presents only a selected portion
of the activities of Boise Housing Corporation, it is not intended to and does not present either the financial
position, results of activities, changes in net assets, or cash flows of Boise Housing Corporation. 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.
De Minimis Rate Used: N
Rate Explanation: Boise Housing Corporation does not use the 10% de minimis cost rate. Rural Development allows $7,500 to
cover indirect costs. This amount is allocated to the 100% owned Rural Development projects.
Boise Housing Corporation has two wholly controlled nonprofit subsidiaries that have a section 202 Loan Balance
and a Capital Advance: (SEE THE NOTES TO THE SEFA FOR CHART/TABLE)
These subsidiaries were audited by other auditors. The Direct Loan and Capital Advance balances were identified
as major programs and included in separate Uniform Guidance reports filed by the subsidiaries.
Title: Other Federal Financial Assistance not included on the Schedule of Federal Awards: Federal Assistance Reported Under Separate GAGAS and Federal Agency Audit Reporting Requirements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award
activity of Boise Housing Corporation under programs of the federal government for the year ended December
31, 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). Because the Schedule presents only a selected portion
of the activities of Boise Housing Corporation, it is not intended to and does not present either the financial
position, results of activities, changes in net assets, or cash flows of Boise Housing Corporation. 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.
De Minimis Rate Used: N
Rate Explanation: Boise Housing Corporation does not use the 10% de minimis cost rate. Rural Development allows $7,500 to
cover indirect costs. This amount is allocated to the 100% owned Rural Development projects.
Boise Housing Corporation has an ownership interest in several for-profit entities that are required to be
consolidated under generally accepted accounting principles. Several of those entities receive federal assistance.
In order to comply with the requirements of the USDA Rural Development (RD) and the Department of Housing
and Urban Development (HUD) federal reporting requirements related to these entities, some federal assistance
that is included in the Consolidated Financial Statements of Boise Housing Corporation, has not been reported on
the Schedule of Federal Awards but was reported to the respective federal agencies separately in separate audit
reports. Projects receiving RD support that were reported separately were audited under Generally Accepted
Governmental Audit Standards. The reports were filed with the local RD office with oversight for the respective
Projects. Projects receiving HUD support were audited in accordance with the Consolidated Audit Guide for
Audits of HUD projects rather than under the Single Audit Act. There were no major findings reported in the
separate audits that met the threshold for reporting under the Uniform Guidance requirements. (SEE THE NOTES TO THE SEFA FOR CHART/TABLE)