Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards presented in this report is presented on the full accrual basis ofaccounting. The information in this schedule is presented in accordance with the audit requirements of Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedulemay differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. Expenditures reported on the schedule are reported on the full accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowed or are limited as to reimbursement. The Housing Council has elected not to chargeany indirect costs in the current year.