Notes to SEFA
Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limitedas to reimbursement. Negative amounts shown on the Schedule represent adjustments orcredits made in the normal course of business to amounts reported as expenditures inprior years.
De Minimis Rate Used: N
Rate Explanation: NOTE 3 INDIRECT COST RATEThe Authority has elected not to use the 10-percent de minimis indirect cost rate asallowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includesthe federal award activity of the Lynchburg Redevelopment and Housing Authority (theAuthority) 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 2 CFR 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 Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.