Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
of Stovall Terrace, HUD Project No. 12211231, and is presented on the accrual basis of accounting.
The information in this schedule is presented in accordance with the requirements of 0MB Circular A-133,
Audits of States, Local Governments, and Non-Profit Organizations. 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: The Entity has not elected to use the de minimus cost rate.