Title: SUBRECIPIENTS:
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Louisiana Housing Corporation elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Program: Low-Income Home Energy Assistance Program 93.568 $87,956,540Program: Weatherization Assistance for Low-Income Persons 81.042 $1,825,210Program: Emergency Solutions Grant Program 14.231 $10,361,196Program: Continuum of Care Program 14.267 $13,050,838Program: Emergency Rental Assistance Program 21.023 $7,943,536Total: $121,137,320
Title: RECONCILIATION TO THE FINANCIAL STATEMENTS:
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Louisiana Housing Corporation elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Per financial statements: Grant funds disbursed (non-operating) $ 256,842,192 Less: State grant funds disbursed (non-operating)(1,028,740) Add: Mortgage loans issued (capitalized) 99,433,404 Add: HUD Risk Sharing Mortgage Loans 103,750 Add: Administrative costs within operating expenses10,239,082Total per schedule of expenditures of federal awards $ 365,589,688
Title: PROGRAM INCOME:
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Louisiana Housing Corporation elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
In accordance with terms of the loans funded under the HOME Program, program income totaled $2,458,863 during the fiscal year ended June 30, 2022. The income was comprised of mortgage loan collections of principal and interest. The expenditure of the program income is included in the accompanying schedule of expenditures of federal awards.
Title: COOPERATIVE ENDEAVOR AGREEMENT:
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Louisiana Housing Corporation elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
LRS 33:9022 defines cooperative endeavor as any form of economic development assistance between and among the State, its local governmental subdivisions, political corporations, public benefit corporations, the United States government or its agencies, or any public or private association, corporation, or individual. The term cooperative endeavor includes cooperative financing, cooperative development, or any form of cooperative economic development activity. The Corporation has entered into a cooperative endeavor agreement with the State of Louisiana Office of Community Development (OCD), Disaster Recovery Program, implementing a Community Development Block Grant. The Office of Community Development (OCD) expenditures totaled $93,439,332 during the fiscal year ended June 30, 2022 and are properly included on the accompanying Schedule of Expenditures of Federal Awards.
Title: BASIS OF PRESENTATION:
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Louisiana Housing Corporation elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includesthe federal award activity of the Louisiana Housing Corporation under programs of the federal government for the year ended June 30, 2022. The information presented 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Louisiana Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Louisiana Housing Corporation.