Notes to SEFA
Title: Note 2 - Program Costs
Accounting Policies: The Housing Authority maintains its accounting records in accordance with U.S.Generally Accepted Accounting Principles (GAAP) on the accrual basis. Revenues are recognized in the period earned, with the corresponding receivable recorded at that time. Expenses are recognized in the period incurred.
De Minimis Rate Used: N
Rate Explanation: The amount expended includes $582,462 claimed as an indirect cost recovery using an approved indirect cost rate. The Housing Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs for the federal awards. Costs expended from other sources are not included on these schedules.
Title: Note 3 - Loans
Accounting Policies: The Housing Authority maintains its accounting records in accordance with U.S.Generally Accepted Accounting Principles (GAAP) on the accrual basis. Revenues are recognized in the period earned, with the corresponding receivable recorded at that time. Expenses are recognized in the period incurred.
De Minimis Rate Used: N
Rate Explanation: The amount expended includes $582,462 claimed as an indirect cost recovery using an approved indirect cost rate. The Housing Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
CFDA #: 14.228 Community Development Block Grants States ProgramThe Housing Authority of Thurston County was approved for a loan from the City of Olympia using Community Development Block Grant funds totaling $360,000. The funds were used to acquire land to build 24 additional units at an existing property for low income individuals and families. The amount listed is the outstanding balance from prior years. The project was completed in July 2011.CFDA #: 14.218 Community Development Block Grant Entitlement GrantsThe Housing Authority of Thurston County entered into a sub-recipient agreement on September 26, 2014 secured by a deed of trust and promissory note with Thurston County using Community Development Block Grant funds totaling $382,786. The funds were used to acquire two 4-plexes for low income individuals and families. The amount listed for this loan includes the proceeds used during the year and the outstanding balance at year end.CFDA #: 14.239 HOME Investment Partnership ProgramThe Housing Authority of Thurston County entered into an agreement on September 26, 2014 secured by a deed of trust and promissory note with Thurston County using HOME funds totaling $233,734. The funds were used to build two triplexes for low income individuals and families. The amount listed for this loan includes the proceeds used during the year and the outstanding balance at year end.