Notes to SEFA
Title: NOTE 3 - SUBRECIPIENTS
Accounting Policies: Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 2 to the Associations basic financial statements except for subrecipient expenditures, which are recorded on the cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement. The Association has not elected to use the 10% de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Association provides grant funds through various subrecipients in the State of Idaho. Federal financial assistance provided to a subrecipient is treated as an expenditure when it is paid to the subrecipient. The Association has certain compliance responsibilities with respect to its subrecipients, including monitoring the subrecipients to help ensure they use the subawards as authorized by law, regulations, and the provisions of the grant agreements.
Title: NOTE 4 - MAJOR PROGRAMS
Accounting Policies: Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 2 to the Associations basic financial statements except for subrecipient expenditures, which are recorded on the cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement. The Association has not elected to use the 10% de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following programs represent all Federal awards tested as major programs. Since the Association is a highrisk auditee, coverage of at least 40 percent of federally awarded funds was required. Actual coverage was approximately 88.25 percent of total federally awarded expenditures. Emergency Solutions Grants Program - Emergency Solutions Grants Program - 14.231 $1,066,531 - Passed through to Subrecipients - $993,399. COVID-19 Emergency Solutions Grants Program - 14.231CV - $8,973,809 - Pass through to Subrecipients - $8,679,002. COVID-19 Emergency Rental Assistance - 21.023 - $35,037,496. Housing Trust Fund - Housing Trust Fund - 14.275 - $490,957. Housing Trust Loan Program - 14.275 - $3,339,162. HUD Federal Mortgage Insurance & Guarantees - Federal Housing Administration - Mortgage Insurance - Homes - 14.117 - $3,715,220,398.
Title: NOTE 5 - CORONAVIRUS RELIEF FUND (CARES ACT)
Accounting Policies: Expenditures reported on this schedule are presented using the accrual basis of accounting as described in Note 2 to the Associations basic financial statements except for subrecipient expenditures, which are recorded on the cash basis. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or are limited as to reimbursement. The Association has not elected to use the 10% de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Coronavirus Relief Fund (CARES Act) expenditures are listed on the schedule on separate lines. These funds were used in several different programs, including the Emergency Solutions Grants program, Housing Choice Voucher program, Mainstream 5year program, and Emergency Rental Assistance program (FFAL 14.231CV, 14.HCC, 14.MSC, and 21.023).