Notes to SEFA
The Schedule of Expensiture of Federal Awards is prepared on the same basis of accounting as the King CountyHousing Authority’s financial statements. (See Note 1 in the Notes to the Financial Statements.)
The amounts shown as current year expenditures represent only the federal portion of the program costs. Entire program costs, including The Authority’s portion, may be more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S> Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Authority has not elected to use the 10-percent de minimus indirect cost rate allowed under the Uniform Guidance.
In 1998, the Authority was approved by the USDA Rural Housing Service to receive a loan totaling $1,350,949 for the rehabilitation of rural housing. The outstanding balance as of December 31,2024 totaled $618,274.
The Rural Housing Service provides the Rural Rental Housing Loan. Subsidy Credit for Rainier View I, Rainier View II and SI view Apartments to reduce the effective interest rate of the loan. The Housing Authority records interest expense separate from the subsidy credit.
The rental assistance payments shown represents the total of rental assistance received that is determined by netting the approved basic rent for the shelter and tenant contributions.