Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of Idaho Housing and Finance Association (the Association) under programs of the federal government for the year ended June 30, 2025. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Association.
Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 2 to the Association’s basic financial statements except for subrecipient expenditures, which are recorded on the cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement. The Association has not elected to use the 15% de minimis cost rate.
Expenditures reported in this schedule consist of two types of loan guarantee programs, those with continuing compliance requirements and those without continuing compliance requirements. Those with continuing compliance requirements include the beginning of the year outstanding loan balance plus advances made on the loan during the current year. Those programs with no continuing compliance requirement consist of current year advances only. The outstanding balance for loan guarantee programs with continuing compliance at June 30, 2025 was $20,521,908, and the balances for loan guarantee program without continuing compliance was $4,551,531,698 at June 30, 2025.
The Coronavirus Relief Fund (CARES Act) expenditures are listed on the schedule on separate lines. These funds were used in several different programs, including the Home Investment Partnerships Program, Mainstream Voucher 5-year program, Emergency Rental Assistance program, Homeownership Assistance Fund, and Coronavirus State and Local Relief Funds. (FFAL 14.239, 14.MSC, 21.023, 21.026, 21.027).