Title: Note 1: General
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown of the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
De Minimis Rate Used: N
Rate Explanation: The Agency contracts with a third party administrator, Meramec Regional Planning Commission (MRPC), for its staffing needs. As a result, the Agency does not have indirect costs. However, the related third party administrator, MRPC, negotiates a rate with its cognizant agency, US Department of Commerce, and actual indirect expense not to exceed the NICRA is charged to the program through contracted administration expense.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of Phelps County Public Housing Agency (the PCPHA). The Agency's reporting entity is defined in Note 1 to the Agency's accompanying financial statements. Federal awards are received directly from federal agencies.
Title: Note 2: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown of the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
De Minimis Rate Used: N
Rate Explanation: The Agency contracts with a third party administrator, Meramec Regional Planning Commission (MRPC), for its staffing needs. As a result, the Agency does not have indirect costs. However, the related third party administrator, MRPC, negotiates a rate with its cognizant agency, US Department of Commerce, and actual indirect expense not to exceed the NICRA is charged to the program through contracted administration expense.
OMB Circular A-133 includes these definitions, which govern the contents of the schedule and in accordance with the requirements of Title 2 Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal financial assistance means assistance that non-federal entities receive or administer in the form of grants, loans, loan guarantees, property (including donated surplus property), cooperative agreements, interest subsidies, insurance, food commodities, direct appropriations, and other assistance, but does not include amounts received as reimbursement for services rendered to individuals. Federal award means federal financial assistance and federal cost-reimbursement contracts that non-federal entities receive directly from Federal awarding agencies or indirectly from pass-through entities. It does not include procurement contracts, under grants or contracts, used to buy goods or services from vendors. Accordingly, the Schedule includes expenditures of both cash and noncash awards.
Title: Note 3: Basis of Accounting
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown of the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
De Minimis Rate Used: N
Rate Explanation: The Agency contracts with a third party administrator, Meramec Regional Planning Commission (MRPC), for its staffing needs. As a result, the Agency does not have indirect costs. However, the related third party administrator, MRPC, negotiates a rate with its cognizant agency, US Department of Commerce, and actual indirect expense not to exceed the NICRA is charged to the program through contracted administration expense.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Agency's accompanying financial statements.
Title: Note 4: Relation of Federal Financial Reports
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown of the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
De Minimis Rate Used: N
Rate Explanation: The Agency contracts with a third party administrator, Meramec Regional Planning Commission (MRPC), for its staffing needs. As a result, the Agency does not have indirect costs. However, the related third party administrator, MRPC, negotiates a rate with its cognizant agency, US Department of Commerce, and actual indirect expense not to exceed the NICRA is charged to the program through contracted administration expense.
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports, except for changes made to reflect amounts in accordance with US generally accepted accounting principles.
Title: Note 5: Matching Revenues
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown of the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
De Minimis Rate Used: N
Rate Explanation: The Agency contracts with a third party administrator, Meramec Regional Planning Commission (MRPC), for its staffing needs. As a result, the Agency does not have indirect costs. However, the related third party administrator, MRPC, negotiates a rate with its cognizant agency, US Department of Commerce, and actual indirect expense not to exceed the NICRA is charged to the program through contracted administration expense.
For those funds that gave matching revenues and state funding, if any, federal expenditures were determined by deducting matching revenues from total expenditures.
Title: Note 6: Non-Cash Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown of the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
De Minimis Rate Used: N
Rate Explanation: The Agency contracts with a third party administrator, Meramec Regional Planning Commission (MRPC), for its staffing needs. As a result, the Agency does not have indirect costs. However, the related third party administrator, MRPC, negotiates a rate with its cognizant agency, US Department of Commerce, and actual indirect expense not to exceed the NICRA is charged to the program through contracted administration expense.
No non-cash awards were received by the Agency.
Title: Note 7: Sub-recipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. Negative amounts shown of the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years, if any.
De Minimis Rate Used: N
Rate Explanation: The Agency contracts with a third party administrator, Meramec Regional Planning Commission (MRPC), for its staffing needs. As a result, the Agency does not have indirect costs. However, the related third party administrator, MRPC, negotiates a rate with its cognizant agency, US Department of Commerce, and actual indirect expense not to exceed the NICRA is charged to the program through contracted administration expense.
The Agency provided no federal awards to sub-recipients during the year ended June 30, 2023.