Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The schedule of expenditures of federal awards includes the federal award activity of the Lenoir City Housing Authority, and is presented in accordance with the requirements of Title 2 US Code of Federal Regulations, Part 200.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate.
The schedule of expenditures of federal awards includes the federal award activity of the Lenoir City Housing Authority, and is presented in accordance with the requirements of Title 2 US Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore come amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
Title: Summary of Significant Accounting Policies
Accounting Policies: The schedule of expenditures of federal awards includes the federal award activity of the Lenoir City Housing Authority, and is presented in accordance with the requirements of Title 2 US Code of Federal Regulations, Part 200.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate.
Expenditures reported in the schedule are reported on the accrual basis of accounting. Lenoir City Housing Authority has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Title: Section 515 Rural Rental Housing Loans
Accounting Policies: The schedule of expenditures of federal awards includes the federal award activity of the Lenoir City Housing Authority, and is presented in accordance with the requirements of Title 2 US Code of Federal Regulations, Part 200.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate.
The Authority has received US Dept. of Agriculture mortgage payables under Section 515 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the outstanding mortgages payable column presented in the schedule. The Authority received no additional funds during the year. The balance of loans outstanding at September 30, 2023, totaled $923,514.