Notes to SEFA
Title: Note 1: BASIS OF PRESENTATION
Accounting Policies: Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Housing Authority of the Borough of Glassboro (the Authority) under programs of the federal government for the year ended December 31, 2022. The Authority is defined in Note 1 to the financial statements. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations 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.
Title: Note 4: RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedule agree with, in all material respects, the amounts reported in the related financial statements.
Title: Note 5: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
All amounts in the accompanying schedule agree with, in all material respects, the amounts reported in the related federal financial reports.
Title: Note 6: PHAS STATEMENT AND CERTIFICATION OF ACTUAL CAPITAL FUND PROGRAM C
Accounting Policies: Note 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on this Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no Modernization Cost Certificates filed by the Housing Authority in 2022.