Notes to SEFA
Title: HOUSING CHOICE VOUCHER CLUSTER
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lake Wales Housing Authority (the Authority) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Schedule presents only a selected portion of the operations of the Authority, and it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.
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.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority received $1,860,295 in federal funding for the Section 8 Housing Choice Voucher Program (ALN 14.871) during the year. The Authority reported $1,858,026 in expenditures on a full accrual basis for the Section 8 Housing Choice Voucher Program during the year, which were paid with federal and nonfederal funds. The Authority reported $56,826 in Port-In expenses during the fiscal year.
Title: PUBLIC AND INDIAN HOUSING
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Lake Wales Housing Authority (the Authority) under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Schedule presents only a selected portion of the operations of the Authority, and it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.
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.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority received $963,660 in federal funding for the Public and Indian Housing Program (ALN 14.850) during the fiscal year. The Authority reported $1,916,874 in expenditures on a full accrual basis for the Public and Indian Housing Program during the year. Expenses were paid for by current year HUD funding, tenant rent, and other sources of Public Housing revenue.