Notes to SEFA
Title: LOANS OUTSTANDING
Accounting Policies: SUMMARY OF SIGNIFICANT 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. The Housing Assistance Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Housing Assistance Corporation had the following loan balances outstanding as of December 31, 2022: Program Title - Assistance Listing Number - Amount Outstanding; Rural Rental Housing Loans - Loan balance (Sugarloaf) - 10.415 - $98,779; Community Facilities Loans and Grants - Loan balance - 10.766 - $465,238; Total - $564,017.
Title: BASIS OF PRESENTATION-
Accounting Policies: SUMMARY OF SIGNIFICANT 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. The Housing Assistance Corporation has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying consolidated schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of The Housing Assistance Corporation, under programs of the federal government for the year ended December 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 Housing Assistance Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of The Housing Assistance Corporation.