Audit 36404

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal award activityof Indian River County Housing Authority and is presented on the accrual basis of accounting. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of Indian River County Housing Authority, it is not intended toand does not present the financial position, changes in net assets, or cash flows of Indian RiverCounty Housing Authority.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures 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. haselected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.NOTE C RURAL DEVELOPMENT LOAN PROGRAMIndian River County Housing Authority has received Rural Development revenue bonds under10.405. The bonds outstanding at the beginning of the year is included in the federal expenditurespresented in the Schedule. Indian River County Housing Authority received no additional bondsduring the year. The balance of the bonds outstanding at September 30, 2022 consists of:Outstanding BalanceCFDA Number Program Name at September 30, 202210.405 Farm Labor Housing Bondsand Grants $ 2,095,400 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. FARM LABOR HOUSING LOANS AND GRANTS (10.405) - Balances outstanding at the end of the audit period were 2095400.