Audits: For borrowers not covered under OMB Circular No. A-133, annual audits conducted in accordance with Government Auditing Standards are required from borrowers with 25 or more units in any project. In accordance with the provisions of 7 CFR Part 3052, "Audits of States, Local Governments, and Non-Profit Organizations," which implement OMB Circular No. A-133 (Revised, June 24, 1997), "Audits of States, Local Governments, and Non- Profit Organizations," nonfederal entities that receive financial assistance of $300,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Nonfederal entities that expend less than $300,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in 7 CFR 3052. Records: Good business records required. FINANCIAL INFORMATION: Account Identification: 12-4141-0-3-371; 12-2081-0-1-371. Obligations: (Direct Loans) FY 99 $114,178; FY 00 est $114,322; and FY 01 est $120,000. Range and Average of Financial Assistance: Initial insured loans to individuals, $60,000 to $450,000; $250,000. Initial insured loans to 296 organizations, $75,000 to $2,000,000; $950,000. PROGAM ACCOMPLISHMENTS: In fiscal year 1999, development of estimated 2,189 housing units were provided, and 2,340 units were rehabilitated. REGULATIONS, GUIDELINES, AND LITERATURE: RD Instruction 1944-E, "Rural Rental Housing Loan Policies
|
