Notes to SEFA
Title: Financial Reporting Equity
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Program has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Section 8 Housing Choice Voucher Program ("Program", "Section 8") is a department of the City of Glen Cove Community Development Agency (“Agency”). Section 8 manages the Housing Choice Voucher Program that is received from the United States Department of Housing and Urban Development ("HUD"). The Program was organized pursuant to housing statutes of the State of New York. The Program's purpose is to provide low-income housing to qualified individuals in accordance with the rules and regulations prescribed by HUD.
Title: Basis of the Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Program 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 ("Schedule") includes the federal award activity of the Program for the year ended March 31, 2023. Federal awards received directly from the Federal agencies as well as Federal awards passed through other government agencies are included in the Schedule if applicable. The information in this Schedule is presented in accordance with the requirements of the 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 the Program, it is not intended to and does not present the financial position, changes in net position or cash flows of the Program.