Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of Trempealeau County ("Authority") . 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 Principals, and Audit Requirements for Federal Awards (uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the 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 reimbursement. The Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Authority provided no federal awards to subrecipients during the fiscal year ended December 31, 2022.
Title: Disclosure of Other Forms of Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of Trempealeau County ("Authority") . 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 Principals, and Audit Requirements for Federal Awards (uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the 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 reimbursement. The Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Authority has guaranteed debt in Rural Rental Housing loans in the amount of $304,365 as of December 31, 2022. The Authority received non-cash assistance in the form of interest subsidy in the amount of $11,717 from Rural Rental Housing Loans during the year ending December 31, 2022.