Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on this 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. The Housing Authority of the City of Grand Junction has elected not to use the 10 percent minimus indirect cost rate allowed under the Uniform Guidance, except for the Housing Counseling Assistance Program.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (14.155) - Balances outstanding at the end of the audit period were 2417586. HOUSING FINANCE AGENCIES (HFA) RISK SHARING (14.188) - Balances outstanding at the end of the audit period were 1009067.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on this 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. The Housing Authority of the City of Grand Junction has elected not to use the 10 percent minimus indirect cost rate allowed under the Uniform Guidance, except for the Housing Counseling Assistance Program.
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 includes the federal grant activity of the Housing Authority of the City of Grand Junction and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 presentation of, the financial statements.
Title: DISCLOSURE OF OTHER FORMS OF ASSISTANCE
Accounting Policies: Expenditures reported on this 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. The Housing Authority of the City of Grand Junction has elected not to use the 10 percent minimus indirect cost rate allowed under the Uniform Guidance, except for the Housing Counseling Assistance Program.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Included in the amounts shown on the accompanying schedule of expenditures of federal awards are two loans- ALN 14.155 payable to the Department of Housing and Urban Development and one mortgage in which HUD assumes the loss of 50 percent. The total HUD-insured portion of mortgages has an outstanding balance of $3,426,653 under this non-major program as of December 31, 2022. The Housing Authority of the City of Grand Junction received no federal awards of non-monetary assistance that are required to be disclosed for the year ended December 31, 2022.