Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Springfield Housing Authority has elected not to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 1201788.
Title: Reporting Guidance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Springfield Housing Authority has elected not to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards has beenprepared following the guidance provided by the U.S. Authority of Housing and UrbanDevelopments Real Estate Assessment Center (REAC).
Title: Mortgage Balance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Springfield Housing Authority has elected not to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
Federal expenditures for program 10.415 include the $1,226,161 mortgagebalance at the beginning of the audit period. Interest Credit Subsidy of $73,981 andRental Assistance of $116,941. The mortgage balance at September 30, 2022 was$1,201,788.