Notes to SEFA
Title: CAPITAL ADVANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Housing Corporation of Acadiana, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: There is no indirect costs allocated to this project.
Included in federal expenditures is a $1,158,600 capital advance outstanding balance at December 31, 2023. See Note G to the financial statement for further details.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Housing Corporation of Acadiana, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: There is no indirect costs allocated to this project.
Housing Corporation of Acadiana, Inc. has elected not to use the 10% de minimis cost rate.
Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Housing Corporation of Acadiana, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: There is no indirect costs allocated to this project.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Housing Corporation of Acadiana, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.