Notes to SEFA
Title: Matching Costs
Accounting Policies: Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by INHS, an entity as defined in Note 1 to INHS’ financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger, which is the source of the
financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs
Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. INHS did not elect to use the de minimus indirect cost rate permitted under the Uniform Guidance.
Matching Costs
Matching costs, i.e., INHS’ share of certain program costs, are not included in the reported expenditures.
Title: Purpose of the Grants
Accounting Policies: Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by INHS, an entity as defined in Note 1 to INHS’ financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. Basis of Accounting The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger, which is the source of the
financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs
Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. INHS did not elect to use the de minimus indirect cost rate permitted under the Uniform Guidance.
The purpose of the grants is to enable INHS to procure, repair, and recycle housing for low-income individuals and families. The Community Development Block Grant reflects rent monies received from housing previously restored by federal grant money.