The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Boise Housing Corporation under programs of the federal government for the year ended December 31, 2025. The information in this schedule 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 activities of Boise Housing Corporation, it is not intended to and does not present either the financial position, results of activities, changes in net assets, or cash flows of Boise Housing Corporation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Pursuant to the Single Audit Act and Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. Federal financial assistance does not include direct federal cash assistance to individuals. The following programs have been identified as major programs for the year ended December 31, 2025: (SEE THE NOTES TO THE SEFA FOR CHART/TABLE)
In accordance with Uniform Guidance requirements, the RHS loan balance on the Schedule of Expenditures of Federal Awards, Assistance Listing Number 10.415 and 10.447 are the balance at the beginning of the year January 1, 2025. The outstanding balance of the RHS loans, Assistance Listing Number 10.415 as of December 31, 2025, is $31,150,531 and MPR loans, Assistance Listing Number 10.447 as of December 31, 2025, is $987,280.
Boise Housing Corporation does not use the 15% de minimis cost rate. Rural Development allows $7,500 to cover indirect costs. This amount is allocated to the 100% owned Rural Development projects.
Some federal assistance that is included in the Consolidated Financial Statements of Boise Housing Corporation, has not been reported on the Schedule of Federal Awards but was reported to the respective federal agencies separately in separate audit reports in the amount of $16,546,100, as detailed below.
Boise Housing Corporation has two wholly controlled nonprofit subsidiaries that have a section 202 Loan Balance and a Capital Advance: (SEE THE NOTES TO THE SEFA FOR CHART/TABLE) These subsidiaries were audited by other auditors. The Direct Loan and Capital Advance balances were identified as major programs and included in separate Uniform Guidance reports filed by the subsidiaries.
Boise Housing Corporation has an ownership interest in several for-profit entities that are required to be consolidated under generally accepted accounting principles. Several of those entities receive federal assistance. In order to comply with the requirements of the USDA Rural Development (RD) and the Department of Housing and Urban Development (HUD) federal reporting requirements related to these entities, some federal assistance that is included in the Consolidated Financial Statements of Boise Housing Corporation, has not been reported on the Schedule of Federal Awards but was reported to the respective federal agencies separately in separate audit reports. Projects receiving RD support that were reported separately were audited under Generally Accepted Governmental Audit Standards. The reports were filed with the local RD office with oversight for the respective Projects. Projects receiving HUD support were audited in accordance with the Consolidated Audit Guide for Audits of HUD projects rather than under the Single Audit Act. There were no major findings reported in the separate audits that met the threshold for reporting under the Uniform Guidance requirements. (SEE THE NOTES TO THE SEFA FOR CHART/TABLE)