Notes to SEFA
Title: NOTE C – CAPITAL ADVANCE
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Project, under programs of the federal government for the year ended December 31, 2023.
The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position,
change in net positions, or cash flows of the Project.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Project has received a HUD capital advance under Section 202 of the National Housing Act. The capital advance outstanding at the beginning of the year is included in the federal expenditures presented in the schedule. The Project received no additional capital advances during the year.
Title: NOTE D – PROGRAM COST
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Project, under programs of the federal government for the year ended December 31, 2023.
The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Project, it is not intended to and does not present the financial position,
change in net positions, or cash flows of the Project.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The amounts presented as federal expenditures represent only the federal portion of the actual program costs. Actual program costs, including the Project’s portion, may be more than is shown on the schedule.