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.
De Minimis Rate Used: N
Rate Explanation: The Louisiana Housing Corporation elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Louisiana Housing Corporation under programs of the federal government for the year ended June 30, 2023. The information presented 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Louisiana Housing Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Louisiana Housing Corporation.
Title: SUBRECIPIENTS
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.
De Minimis Rate Used: N
Rate Explanation: The Louisiana Housing Corporation elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Assistance
Listing Amount
Program Title Number Provided
Low-Income Home Energy Assistance Program 93.568 $ 87,133,445
Low-Income Household Water Assistance Program 93.499 8,973,802
Weatherization Assistance for Low-Income Persons 81.042 1,491,242
Emergency Solutions Grant Program 14.231 5,857,686
Continuum of Care Program 14.267 12,628,735
Emergency Rental Assistance Program 21.023 12,338,507
$ 128,423,417
Title: RECONCILIATION TO THE FINANCIAL STATEMENTS
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.
De Minimis Rate Used: N
Rate Explanation: The Louisiana Housing Corporation elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Per financial statements:
Grant funds disbursed (non-operating) $ 261,856,947
Less: State grant funds disbursed (non-operating) (2,287,486)
Add: Mortgage loans issued (capitalized) 73,432,308
Add: HUD Risk Sharing Mortgage Loans 103,750
Add: Administrative costs within operating expenses 10,610,597
Total per schedule of expenditures of federal awards $ 343,716,116
Title: PROGRAM INCOME
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.
De Minimis Rate Used: N
Rate Explanation: The Louisiana Housing Corporation elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
In accordance with terms of the loans funded under the HOME Program, program income totaled $682,534 during the fiscal year ended June 30, 2023. The income was comprised of mortgage loan collections of principal and interest. The expenditure of the program income is included in the accompanying schedule of expenditures of federal awards.
Title: COOPERATIVE ENDEAVOR
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.
De Minimis Rate Used: N
Rate Explanation: The Louisiana Housing Corporation elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
LRS 33:9022 defines “cooperative endeavor” as any form of economic development assistance between and among the State, its local governmental subdivisions, political corporations, public benefit corporations, the United States government or its agencies, or any public or private association, corporation, or individual. The term cooperative endeavor includes cooperative financing, cooperative development, or any form of cooperative economic
development activity. The Corporation has entered into a cooperative endeavor agreement with the State of Louisiana Office of Community Development (OCD), Disaster Recovery Program,
implementing a Community Development Block Grant. The Office of Community Development (OCD) expenditures totaled $64,414,521 during the fiscal year ended June 30, 2023 and are properly included on the accompanying Schedule of Expenditures of Federal Awards.