Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activities of the Housing Authority of the County of Montrose, Colorado. 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). Therefore, some amounts presented in these schedules may differ from amounts presented in or used in the preparation of the basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 48720.
Title: FEDERAL LOAN AND INSURANCE PROGRAMS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activities of the Housing Authority of the County of Montrose, Colorado. 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). Therefore, some amounts presented in these schedules may differ from amounts presented in or used in the preparation of the basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority also participates in the following Rural Housing Service loan program, a direct program, through the U.S. Department of Agriculture-Rural Development Division:Federal EndingCFDA Balance ofProgram Title Number Direct LoansRural Rental Housing Loans 10.415 $48,720