Notes to SEFA
Title: NOTE A - Basis of Presentation
Accounting Policies: 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. Indian River County Housing Authority has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indian River County 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 includes the federal award activity of Indian River County Housing Authority and is presented on the accrual basis of accounting. 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 Indian River County Housing Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Indian River County Housing Authority.
Title: NOTE C – Rural Development Loan Program
Accounting Policies: 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. Indian River County Housing Authority has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Indian River County Housing Authority has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Indian River County Housing Authority has received Rural Development revenue bonds under 10.405. The bonds outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Indian River County Housing Authority received no additional bonds during the year. The balance of the bonds outstanding at September 30, 2023 consists of: Federal Assistance Listing Number - 10.405; Program Name - Fam Labor Housing Bonds and Grants; Outstanding Balance at September 30, 2023 - $1891000