Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSBasis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) presentsthe activity of all federal financial assistance programs of the Wayne Metropolitan HousingAuthority (the Authority) For the Year Ended December 31, 2022. The Authoritysreporting entity is defined in Note 1 to the Authoritys financial statements. Theinformation in this schedule is presented in accordance with the requirements of 2 CFRPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirementsfor Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Authority, it is not intended to and does not present thefinancial position, changes in net position, or cash flows of the Authority.Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principals contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.Indirect Cost RateThe Authority has not elected to use the 10-percent de minimis indirect cost rate as allowedunder the Uniform Guidance.Loan Programs With Continuing Compliance RequirementsThe federal loan programs listed below are administered directly by the Authority, andbalances and transactions relating to these programs are included in the Authoritys basicfinancial statements. Loans outstanding at the beginning of the year and loans made duringthe year are included in the federal expenditures presented in the Schedule. The balancesof loans outstanding at December 31, 2022 consist of:AL Number Program NameOutstanding Balance atDecember 31, 202210.415 Rural Rental Housing Loans $664,481
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 664481.