Title: Note 1. Basis of Presentation
Accounting Policies: Note 2. Summary of Significant Accounting Policies-Expenditures reported on the schedule are reported on a accrual basis of accounting. Such expenditures are recognized following the cost principles 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: Fayetteville Housing Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (SEFA) includes the federal and state award activity of Fayetteville Housing Authority under programs of the federal and state government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U. S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Fayetteville Housing Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of Fayetteville Housing Authority.
Title: Note 3. Indirect Cost
Accounting Policies: Note 2. Summary of Significant Accounting Policies-Expenditures reported on the schedule are reported on a accrual basis of accounting. Such expenditures are recognized following the cost principles 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: Fayetteville Housing Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Fayetteville Housing Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 4. Subrecipients
Accounting Policies: Note 2. Summary of Significant Accounting Policies-Expenditures reported on the schedule are reported on a accrual basis of accounting. Such expenditures are recognized following the cost principles 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: Fayetteville Housing Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
For the year ended September 30, 2023, the Fayetteville Housing Authority had no awards that were passed through to subrecipients.
Title: Note 5. Capital Fund Programs
Accounting Policies: Note 2. Summary of Significant Accounting Policies-Expenditures reported on the schedule are reported on a accrual basis of accounting. Such expenditures are recognized following the cost principles 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: Fayetteville Housing Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Under the requirements of the federal award assistance listing number 14.872, Capital Fund programs 501-20, 501-21, 501-22, and 501-23 the Authority may expend grant monies for eligible activities such as operations, management improvements, and administrative expenses. During 2023, under the Capital Fund Program, the Authority spent $100,000 for operations.
Title: Note 6. Commitments
Accounting Policies: Note 2. Summary of Significant Accounting Policies-Expenditures reported on the schedule are reported on a accrual basis of accounting. Such expenditures are recognized following the cost principles 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: Fayetteville Housing Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
At September 30, 2023, the Fayetteville Housing Authority had no outstanding commitments related to various capital projects.