Notes to SEFA
Title: Sub-Recipients of Federal Awards
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the modified accrual basis of accounting. The modified accrual basis of accounting is described in Note 1 of the basic financial statements. Federal grants are considered to be earned to the extent of expenditures made under the provision of the grant; and accordingly, when such funds are received, and they are recorded as unearned revenue until earned.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Housing Authority does not have any sub-recipients for their federal awards.
Title: Non-cash Federal Assistance
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the modified accrual basis of accounting. The modified accrual basis of accounting is described in Note 1 of the basic financial statements. Federal grants are considered to be earned to the extent of expenditures made under the provision of the grant; and accordingly, when such funds are received, and they are recorded as unearned revenue until earned.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Authority did not receive any noncash assistance.