Notes to SEFA
Accounting Policies: 1. Scope of PresentationThe accompanying schedule presents the expenditures incurred (and related awards received) by the Jackson Housing Authority (Authority) that are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds are reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule.2. Basis of AccountingThe expenditures included in the accompanying schedule were reported on an accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.