Notes to SEFA
Title: Sub-Recipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Homes for Good and is presented on the accrual basis of accounting. The information on 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. In accordance with HUD regulations, HUD considers the Annual Budget Agency for the Section 8 Housing Choice Voucher Program (HCV), AL No. 14.871,and Moving to Work, AL No. 14.881 to be an expenditure for the purposes of this schedule. Therefore, the amount in this schedule represents the total amount received directly from HUD and not the expenditures paid by the Agency.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended September 30, 2022, the Agency had no sub-recipients.
Title: Noncash Assistance and Other
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Homes for Good and is presented on the accrual basis of accounting. The information on 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. In accordance with HUD regulations, HUD considers the Annual Budget Agency for the Section 8 Housing Choice Voucher Program (HCV), AL No. 14.871,and Moving to Work, AL No. 14.881 to be an expenditure for the purposes of this schedule. Therefore, the amount in this schedule represents the total amount received directly from HUD and not the expenditures paid by the Agency.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Agency has received loans funded by programs of U.S. Department of Agriculture. The loans are included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The balance of the loans outstanding at September 30, 2022 consists of the following: Assistance Listing Number 10.415, Rural Rental Housing Loans $1,986,437.