Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grantactivity of Lafayette County Housing Authority, HUD Project MO204 and is presentedin accordance with REAC PHA Financial Accounting Brief - Account Issue #10, whichdefines a Federal expenditure expended for a Single Audit purposes, as when dollars arereceived. Therefore, some amounts presented in this schedule may differ from amountspresented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.