Audit 360897

Title: Basis of Presentation Accounting Policies: Expenditures reported on this 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: The Housing Authority of the City of Grand Junction has elected not to use the 10 percent minimus indirect cost rate allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of the City of Grand Junction and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the financial statements.

Title: Disclosure of Other Forms of Assistance Accounting Policies: Expenditures reported on this 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: The Housing Authority of the City of Grand Junction has elected not to use the 10 percent minimus indirect cost rate allowed under the Uniform Guidance. The loan listed subsequently is administered by HUD, and the balance of the transactions relating to the program are included in the Authority's basic financial statements. Loans outstanding at the beginning of the period and loans made during the period are included in the federal expenditures presented in the Schedule. The balance of the loan outstanding at December 31, 2024 consisted of: Outstanding Assistance Balance at Listing Number Program Name December 31, 2024 14.155 Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Projects $ 2,340,042 14.188 Housing Finance Agencies Risk Sharing $ 849,149