Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Southeast Kansas Community
Action Program, Inc. and presents expenditures on the accrual basis of accounting, except for subsidy programs, which follows REAC
PHA - Financial Accounting Brief - Accounting Issue #10, which defines a Federal expenditure expended for single audit purposes as when dollars are received. The information in this schedule is presented in accordance with the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: NONE
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Southeast Kansas Community
Action Program, Inc. and presents expenditures on the accrual basis of accounting, except for subsidy programs, which follows REAC
PHA - Financial Accounting Brief - Accounting Issue #10, which defines a Federal expenditure expended for single audit purposes as when dollars are received. The information in this schedule is presented in accordance with the Uniform Guidance.
Title: NOTE B - INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Southeast Kansas Community
Action Program, Inc. and presents expenditures on the accrual basis of accounting, except for subsidy programs, which follows REAC
PHA - Financial Accounting Brief - Accounting Issue #10, which defines a Federal expenditure expended for single audit purposes as when dollars are received. The information in this schedule is presented in accordance with the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: NONE
Southeast Kansas Community Action Program, Inc. did not elect to use the 10% de minimis cost rate, as it does not qualify.
Title: NOTE - LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Southeast Kansas Community
Action Program, Inc. and presents expenditures on the accrual basis of accounting, except for subsidy programs, which follows REAC
PHA - Financial Accounting Brief - Accounting Issue #10, which defines a Federal expenditure expended for single audit purposes as when dollars are received. The information in this schedule is presented in accordance with the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: NONE
The accompanying schedule of expenditures of federal awards includes the outstanding balance at 12/01/2022 of HUD Section 202 loans because the Federal Government imposes continuing compliance requirements. Loan Balance at the end of the period 11/30/2023 was $63,342.22