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. The Housing Authority did not elect to use the 10% de minimis indirect cost rate as covered in section 200.414 of the Uniform Guidance for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The Authority is not reimbursed for indirect costs under any of its federal Awards and does not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance or any other indirect cost rate.
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal grant activity of the Burnett County Housing Authority (Housing 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 Title 2 U.S. Code of Federal Regulations 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 Housing Authority it is not intended to and does not present the financial position, changes in net position or cash flows of the Housing Authority.
Title: Summary of Significant Accounting Policies
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. The Housing Authority did not elect to use the 10% de minimis indirect cost rate as covered in section 200.414 of the Uniform Guidance for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The Authority is not reimbursed for indirect costs under any of its federal Awards and does not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance or any other indirect cost rate.
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. The Housing Authority did not elect to use the 10% de minimis indirect cost rate as covered in section 200.414 of the Uniform Guidance for Federal Awards.
Title: Subrecipient Payments
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. The Housing Authority did not elect to use the 10% de minimis indirect cost rate as covered in section 200.414 of the Uniform Guidance for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The Authority is not reimbursed for indirect costs under any of its federal Awards and does not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance or any other indirect cost rate.
No federal awards were passed through to subrecipients during the year ended March 31, 2023.
Title: Major 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. The Housing Authority did not elect to use the 10% de minimis indirect cost rate as covered in section 200.414 of the Uniform Guidance for Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The Authority is not reimbursed for indirect costs under any of its federal Awards and does not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance or any other indirect cost rate.
The Rural Rental Housing Loans are considered a major program when the outstanding balance is greater thatn $750,000. At June 30, 2023, the Housing Authority of the County of Burnett loan balance was $825,154