Notes to SEFA
Title: Note 2. Loan or Loan Guarantee Programs
Accounting Policies: Note 1. Basis of Presentation and Summary of Significant Accounting Policies The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing and Redevelopment Authority of Itasca County ("Authority") 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 Principals, 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. 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 3. Indirect Cost Rate The Authority has elected not to use the de minimus indirect cost rate allowed under the Uniform Guidance.
The outstanding balance on the loans under the Home Investment Partnership Program was $160,000 as of December 31, 2024. The full amount of the loan balance as of January 1, 2024 was $160,000. No new loans were made under this program during 2024.
Title: Note 4. Subrecipients
Accounting Policies: Note 1. Basis of Presentation and Summary of Significant Accounting Policies The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing and Redevelopment Authority of Itasca County ("Authority") 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 Principals, 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. 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 3. Indirect Cost Rate The Authority has elected not to use the de minimus indirect cost rate allowed under the Uniform Guidance.
During 2024, the Authority did not pass any federal awards through to subrecipients.
Title: Note 5. Operations Not Included in the Audit
Accounting Policies: Note 1. Basis of Presentation and Summary of Significant Accounting Policies The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing and Redevelopment Authority of Itasca County ("Authority") 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 Principals, 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. 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 3. Indirect Cost Rate The Authority has elected not to use the de minimus indirect cost rate allowed under the Uniform Guidance.
The Authority's basic financial statements include the operations of the Crystal Lake Townhomes, which expended $162,773 in federal awards which is not included in the Authority's schedule of expenditures of federal awards for the year ended December 31, 2024. Our audit did not include the operations of Crystal Lake Townhomes. The financial statements of Crystal Lake Townhomes were audited by another auditor, whose report dated March 6, 2025, expressed an unmodified opinion on the financial statements.