Notes to SEFA
The accompanying schedule presents the expenditures incurred (and related awards received) by Imperial Valley Housing Authority (the Authority) that are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule.
The expenditures included in the accompanying schedule were reported on the accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
The Authority elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, section 414.
The Authority has five promissory notes with the United States Department of Agriculture Farmer Homes Administration under the Labor Housing Union Loan and Rural Rental Housing Loan programs. The interest rates for these notes are estimated. Interest is based upon the market rate on the date of payment received by the United States Department of Agriculture Farmer Homes Administration. In accordance with the Uniform Guidance both the rental assistance and the outstanding loan balances are reported as federal expenditure in the accompanying schedule of federal awards. Balances of loans were included in the schedule as follows: