Notes to SEFA
Title: Scope Of Presentation
Accounting Policies: The expenditures included in the accompanying schedule were reported on the 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Didn’t use it
The accompanying schedule presents the expenditures incurred (and related awards received) by the Housing Authority of
Somerset County (the Authority) that are reimbursable under federal programs of federal agencies providing financial
assistance awards. For the purpose of this schedule, only the portion of the program expenditures reimbursable with such
federal funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal
reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal
funds are excluded from the accompanying schedule. This schedule also only includes the amounts expended by the
Authority, none of the amount expended, if any, by the blend or discretely present component units have been included.
Title: Basis of Accounting
Accounting Policies: The expenditures included in the accompanying schedule were reported on the 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Didn’t use it
The expenditures included in the accompanying schedule were reported on the 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. Therefore, some amounts presented in this
schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
Title: 10% De Minims Indirect Cost Rate
Accounting Policies: The expenditures included in the accompanying schedule were reported on the 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Didn’t use it
The Authority has not elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, section
414.