Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenses in the Schedule of Expenditures of Federal Awards are presented in accordance with the accrual basis of accounting and have been reconciled to the Housing Authority's fiscal 2023 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has not elected to use the 10 percent de minimis indirect cost rate of the Uniform Guidance.
The Housing Authority of the City of West Bend (the Housing Authority) operations are included in the scope of the Single Audit 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).
All financial assistance programs of the Housing Authority which involve awards from the federal government are included in the Schedule of Expenditures of Federal Awards. The Schedule of Expenditures of Federal Awards present only a selected portion of the operations of the Housing Authority, they are not intended to and do not present the financial position or changes in net position of the Housing Authority.