Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: McHenry County Housing Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of McHenry County Housing Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The amounts presented in this schedule equal the amounts used in the presentation of the financial statements.
Title: Disclosure of Other Forms of Assistance
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: McHenry County Housing Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Included in the amounts shown on the accompanying schedule of federal awards are loans - Assistance Listing Number -10.415 payable to United States Rural Development. The total HUD-insured portion of the mortgages have an outstanding balance of $2,037,509 as of June 30, 2023.