Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the
federal grant activity of Providence Housing Authority, under programs of the federal
government for the year ended June 30, 2023. The information in the schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance). Because the schedule presents only a selected portion of the
operations of Providence Housing Authority, it is not intended to and does not present the
financial position, changes in net position or cash flows of Providence Housing Authority.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the schedule are reported on the accrual basis of accounting. For
cost-reimbursement awards, 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 to reimbursement. For performance-based awards, expenditures reported
represent amounts earned.
De Minimis Rate Used: N
Rate Explanation: NOTE 3 – INDIRECT COST RATE
The Providence Housing Authority has elected not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.