Section 202 Allowable Costs/Cost Principles

My Tickets Open a ticket Notifications Logout
ID Status Date Public/Private Industry AHACPA Contact
#12104 Closed public Multifamily _General Support
Customer Reply

For a Single Audit of a section 202 project that has fully drawn and spent its loan funds in a previous year, can we consider the Allowable Costs/Cost Principles to be NOT direct and material for the current year?  They are receiving funds under a PRAC agreement, so their only federal assistance is the loan and the rental assistance.

Thanks!
Les Sparks

Alyssa, the 202 program is exempted from all of 2 CFR 200 except subpart F, 2 CFR 200.40 – Award Definition and 2 CFR 200.425 (Audit Services).

 

This info comes straight from the 2019 compliance supplement.  So, the allowable costs/Cost Principle compliance requirement is only applicable in the year of construction.  After that it is not a direct and material compliance requirement.

 

Les Sparks

AHACPA

(801) 547-0809

 

From: AHACPA Support <support@ahacpa.org>
Sent: Saturday, January 4, 2020 5:04 PM
To: les@ahacpa.org
Subject: Section 202 Allowable Costs/Cost Principles

Write a reply

The ticket has been closed. If you feel that your issue has not been solved yet or something new came up in relation to this ticket, you can re-open it by clicking this link.
Item Status Opt-in Date Opt-out Date Action
Subject
Additional Information
Subject