Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: US GAAP
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the 10 percent de minimis indirect cost rate on its Department of Labor programs, as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of the Authority under programs of the federal government for the year ended December 31,
2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected
portion of the operations of the Authority, it is not intended to and does not present the financial position,
change in net positions, or cash flows of the Authority.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: US GAAP
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the 10 percent de minimis indirect cost rate on its Department of Labor programs, as allowed under the Uniform Guidance.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) The Authority has elected to use the 10 percent de minimis indirect cost rate on its
Department of Labor programs, as allowed under the Uniform Guidance.
Title: NOTE C – SUB-RECIPIENTS
Accounting Policies: US GAAP
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the 10 percent de minimis indirect cost rate on its Department of Labor programs, as allowed under the Uniform Guidance.
Of the federal expenditures presented in the schedule, the Authority provided federal awards to
subrecipients as follows:
Assistance
Listing # Program Title/Sub-Recipient
14.249 Section 8 - Moderate Rehabilitation/Homestead Corporation
Amount Provided
$ 63,518
$ 63,518
Title: NOTE D – PROGRAM COST
Accounting Policies: US GAAP
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected to use the 10 percent de minimis indirect cost rate on its Department of Labor programs, as allowed under the Uniform Guidance.
The amounts presented as federal expenditures represent only the federal portion of the actual
program costs. Actual program costs, including the Authority’s portion, may be more than is shown
on the
schedule.