Notes to SEFA
Title: NOTE C U.S. DEPARTMENT OF AGRICULTURE
Accounting Policies: NOTE A BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the PHA under programs of the federal government for the year ended December 31, 2022. The information in the 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 operations of the PHA, it is not intended to and does not present the financial position, changes in net position, or cash flows of the PHA. NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (1) 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 allowed or are limited as to reimbursement. (2) The PHA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. (3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year ended December 31, 2022 are as follows:?Public Housing and Capital Funds Program HUD Operating grants received?Section 8 Housing Choice Voucher Program Total program expenses which includes any HAP Portability-In expenses?Section 8 New Construction Total program expenses?Rural Rental Housing Loans (Interest Subsidy) Total interest subsidy paid
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During FY 2022, the PHA administered a Rural Rental Housing Loan (Assisting Listing No. 10.415) funded by the U.S Department of Agriculture. At December 31, 2022, the loan balance was $0 as the loan was transferred. The loan balance at the beginning of the year is included in the Schedule of Expenditures of Federal Awards. The PHA received no additional loans during the year.
Title: NOTE D - SUBRECIPIENTS
Accounting Policies: NOTE A BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the PHA under programs of the federal government for the year ended December 31, 2022. The information in the 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 operations of the PHA, it is not intended to and does not present the financial position, changes in net position, or cash flows of the PHA. NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (1) 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 allowed or are limited as to reimbursement. (2) The PHA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. (3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year ended December 31, 2022 are as follows:?Public Housing and Capital Funds Program HUD Operating grants received?Section 8 Housing Choice Voucher Program Total program expenses which includes any HAP Portability-In expenses?Section 8 New Construction Total program expenses?Rural Rental Housing Loans (Interest Subsidy) Total interest subsidy paid
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The PHA provided no federal awards to subrecipients during the year ended December 31, 2022