Notes to SEFA
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
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 (the Schedule) includes the activity of all federal award programs of Boston Housing Authority (the Authority) under programs of the federal government for the year ended March 31, 2023. 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 positions, changes in net position, or cash flows of the Authority.
Title: Capital Fund Program and Urban Revitalization Program
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Capital Fund Program (Federal Assistance Listing No. 14.872) and Demolition and Revitalization of Severely Distressed Public Housing (Federal Assistance Listing No. 14.866) disbursements are presented as notes receivable and/or additions to property, plant and equipment in the Authority's basic financial statements.
Title: Outstanding Loans
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Lower Mills Housing Corporation (LMHC) and Heritage Housing Corporation (HHC) are blended component units in the Authority's financial statements. These component units have co-insured loans guaranteed by the Department of Housing and Urban Development, under the HFA Risk Sharing Program, Federal Assistance Listing No. 14.188, amounting to $7,964,120 for LMHC and $17,727,634 for HHC as of March 31, 2023.