Notes to SEFA
Title: NOTE A
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of The Housing
Authority of the City of Fredonia, Kansas and is presented on the accrual basis of accounting. The information in this schedule is
presented in accordance with the requirements of the Uniform Guidance and Kansas. Therefore, some amounts presented in
this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: NONE
The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of The Housing
Authority of the City of Fredonia, Kansas and is presented on the accrual basis of accounting. The information in this schedule is
presented in accordance with the requirements of the Uniform Guidance and Kansas. Therefore, some amounts presented in
this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
Title: NOTE B
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of The Housing
Authority of the City of Fredonia, Kansas and is presented on the accrual basis of accounting. The information in this schedule is
presented in accordance with the requirements of the Uniform Guidance and Kansas. Therefore, some amounts presented in
this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: NONE
The accompanying schedule of expenditures of federal awards includes the outstanding balance at December 31, 2022 of USDA loans
because the Federal Government imposes continuing compliance requirements.
Title: NOTE C
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of The Housing
Authority of the City of Fredonia, Kansas and is presented on the accrual basis of accounting. The information in this schedule is
presented in accordance with the requirements of the Uniform Guidance and Kansas. Therefore, some amounts presented in
this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: NONE
The balances at December 31, 2023 for the four loans on the accompanying schedule of expenditures of federal awards are as follows:
Loan #2 $129,182.98
Loan #4 $142,064.56
Loan #5 $149,686.54
Loan #6 $230,693.64
Title: NOTE D
Accounting Policies: The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of The Housing
Authority of the City of Fredonia, Kansas and is presented on the accrual basis of accounting. The information in this schedule is
presented in accordance with the requirements of the Uniform Guidance and Kansas. Therefore, some amounts presented in
this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: NONE
The Housing Authority of the City of Fredonia, Kansas did not elect to use the 10% de minimis cost rate.