Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures presented in this schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority has borrowed funds from and guaranteed repayment of the funds to the United States Department of Agriculture (USDA) Rural Rental Housing Loan Program in the amount of $239,907 as of June 30, 2022.The Authority received non-cash federal financial assistance in the form of an interest subsidy in the amount of $11,090 from USDA during the fiscal year ending June 30, 2022.
Title: Basis of Presentation
Accounting Policies: Expenditures presented in this schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Eastern Iowa Regional Housing Authority (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 Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the financial statements.
Title: Subrecipients
Accounting Policies: Expenditures presented in this schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Eastern Iowa Regional Housing Authority provided no federal awards to subrecipients during the fiscal year ending June 30, 2022.