Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting and are presented in accordance with Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority did not use an indirect cost rate.
The schedule of expenditures of federal awards includes the federal grant activity of the Bemidji Housing and Redevelopment Authority and is presented on the accrual basis of accounting 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). Therefore, some amounts in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
Title: Indirect Costs
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting and are presented in accordance with Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Authority did not use an indirect cost rate.
The Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.