Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial
assistance has been provided to a subrecipient. When applicable, 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: The Housing Authority has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of the Boise City Housing Authority (the Housing Authority) under programs of the federal government for the
year ended September 30, 2024. The information 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 operations of the Housing Authority, it is not intended to and does not present the financial position,
changes in net position, or cash flows of the Housing Authority.
The accompanying schedule of expenditures of federal awards does not include the federal grant activity of the
blended component unit, Shoreline Plaza, Inc. These awards are reported on the schedule of expenditures of
federal awards of Shoreline Plaza, Inc.’s standalone financial statements. A separate data collection form will
also be submitted.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial
assistance has been provided to a subrecipient. When applicable, 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: The Housing Authority has not elected to use the 10% de minimis cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial
assistance has been provided to a subrecipient. When applicable, 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: NOTE 3 - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial
assistance has been provided to a subrecipient. When applicable, 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: The Housing Authority has not elected to use the 10% de minimis cost rate.
The Housing Authority has not elected to use the 10% de minimis cost rate.
Title: NOTE 4 - MORTGAGE INSURANCE FOR THE PURCHASE OF REFINANCING OF EXISTING MUTLIFAMILY HOUSING PROJECTS (SECTION 223(f))
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. No federal financial
assistance has been provided to a subrecipient. When applicable, 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: The Housing Authority has not elected to use the 10% de minimis cost rate.
The Housing Authority’s financial statements include blended component units that have loans with continuing
compliance requirements that are not subject to the Uniform Guidance, and therefore, not included in the
Housing Authority’s Schedule of Expenditures of Federal Awards. These programs were audited in accordance
with the HUD Audit Guide as part of the audit of the standalone financial statements of each blended
component unit. Below is a summary of the entities and the outstanding balance at the beginning of the year
under the Mortgage Insurance for the Purchase of Refinancing of Existing Multifamily Housing Projects (Section
223 (f)):
North Liberty, LLC $ 2,734,793
Nez Perce, LLC 1,129,019
Vine Street, LLC 1,898,404
Shoreline North, LLC 3,135,225
$ 8,897,441