Notes to SEFA
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Authority under programs of the federal government for the year ended March 31, 2022. The information 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority provided no federal awards to subrecipients during the fiscal year ending March 31, 2022.
Title: DISCLOSURE OF OTHER FORMS OF ASSISTANCE
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
?The Housing Authority of the City of Raleigh received no federal awards of non-monetary assistance that are required to be disclosed for the year ended March 31, 2022. ?The Housing Authority of the City of Raleigh had no loans, loan guarantees, or federally restricted endowment funds required to be disclosed for the fiscal year ended March 31, 2022.?The Housing Authority of the City of Raleigh maintains the following limits of insurance as of March 31, 2022:Property Pooled coverage limit$50,000,000General Liability$ 5,000,000Commercial Auto$ 5,000,000Workers Compensation Statutory$ 1,000,000 of liabilityDirectors and Officers Liability$ 5,000,000Settled claims have not exceeded the above commercial insurance coverage limits over the past three years.The PHAs coverage for property insurance and its contents is $50,000,000 per occurrence but the value of the insurance is pooled among all PHAs that participate in the NCHARRP coverage. The value of the PHAs property and contents is over $100,000,000 and if the PHA suffered a material loss, total loss or multiple other PHAs that participate in the insurance pool suffered a material or total loss, the PHA would not be able to rebuild the properties as they currently exist.