Title: DESCRIPTION OF ORGANIZATION
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. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: Both
Rate Explanation: The Agency does not have a negotiated indirect cost rate and therefore may elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Pennsylvania Housing Finance Agency (the Agency) was created by the General Assembly of the Commonwealth of Pennsylvania in 1972 to provide affordable housing for older adults, persons and families of modest means, and persons with disabilities. Pursuant to the Housing Finance Agency Law, Act 1959, P.L. 1688, No. 620, as amended, the Agency is authorized and empowered, among other things, to finance the construction and rehabilitation of housing units for persons and families of low and moderate income, persons with special needs or the elderly, including those who receive assistance from federal government programs.
Title: BASIS OF PRESENTATION
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. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: Both
Rate Explanation: The Agency does not have a negotiated indirect cost rate and therefore may elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activities of the Agency under programs of the federal government for the year ended June 30, 2022. The information in 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 (the Uniform Guidance). The Schedule presents only a selected portion of the operations of the Agency, and it is not intended to and does not present the financial position, changes in net position, or cash flows of the Agency.
Title: FEDERAL LOANS/LOAN GUARANTEES
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. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: Both
Rate Explanation: The Agency does not have a negotiated indirect cost rate and therefore may elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239)-Balances outstanding at the end of the audit period were $201,070. SECTION 538 RURAL RENTAL HOUSING GUARANTEED LOANS (10.438)-Balances outstanding at the end of the audit period were $2,704.
Title: SIGNIFICANT EFFECTS OF SUBSEQUENT EVENTS
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. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: Both
Rate Explanation: The Agency does not have a negotiated indirect cost rate and therefore may elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
On January 11, 2023 the Agency sold single family mortgage revenue bonds Series 2023-141 totaling $482,500,000. The Series 2023-141 Bonds settled on February 17, 2023.