Notes to SEFA
Title: HOUSING CHOICE VOUCHER CLUSTER
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe 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 2 CFR 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 position, or cash flows of the Authority.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. For loans, the value of noncash awards expended is equal to the amount of loan proceeds expended plus the year-end balance of loans from previous years for which the federal government imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority received $11,516,965 in federal funding for the Section 8 Housing ChoiceVoucher Program (ALN 14.871 also includes HCV CARES Act Funding and EmergencyHousing Voucher) and $877,103 for Mainstream Vouchers program (ALN 14.879 alsoincludes Mainstream CARES Act Funding). On a full accrual basis, the Authority reported $11,578,475 for the Section Housing ChoiceVoucher Program (ALN 14.871) and $803,715 for the Mainstream Vouchers program (ALN14.879) in expenditures during the year, which were paid with federal and non-federal funds. The Authority did not report any Port-In Housing Assistance Payments during the fiscal year.
Title: PUBLIC AND INDIAN HOUSING
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe 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 2 CFR 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 position, or cash flows of the Authority.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. For loans, the value of noncash awards expended is equal to the amount of loan proceeds expended plus the year-end balance of loans from previous years for which the federal government imposes continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority received $3,495,820 in federal funding for the Public and Indian HousingProgram (ALN 14.850) and $129,486 for Public Housing CARES Act funding, during theyear. The Authority reported $5,553,310 and $129,486 in expenditures on a full accrualbasis for the Public and Indian Housing Program and Public Housing CARES Actrespectively during the year. Expenses were paid for by current year HUD funding, tenantrent, other sources of Public Housing revenue, and prior year reserves.