Audit 42365

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 1 Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of Pulaski County (Authority) and is presented on the accrual basis of accounting. The schedule summarizes the federal funds expended by the Authority under the programs of the federal government during the year ended March 31, 2022. The schedule of expenditures of federal awards displays the Authoritys expenditures charged to federal programs for the year ended March 31, 2022, the cost principals in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Authority has not implemented the 10 % de minimis indirect cost rate allowed under the Uniform Guidance. Note 2 Sources of Funding The schedule includes all grants and contracts entered into directly between the Authority and agencies and departments of the federal government, as well as federal funds passed-through to the Authority by primary recipients. The Authority provided no part of its direct grant federal dollars to sub-recipients. The Authority did not receive any non-cash assistance from federal funds and had no federal insurance as of March 31, 2022. Note 3 - Reconciliation of Federal Expenditures: Total Federal Expenditures per Schedule of Federal Awards $ 1,135,406 Reconciling item: Department of Agriculture, Rural Housing (Note 12) -544,572 Total Federal Assistance per Financial Statements $ 590,834 HUD grants $ 553,892 Rural Development 36,942 Total $ 590,834 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 544572.