Notes to SEFA
Title: NOTE 1 REPORTING ENTITY
Accounting Policies: The accompanying Schedule is prepared 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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10% de minimis indirect cost rate as covered in 2 CFR §200.414.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal awards programs of the Lake County Housing Commission (the Commission). The Commission’s reporting entity is defined in Note 1 to the basic financial statements. All federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included in the Schedule.
Title: NOTE 2 BASIS OF ACCOUNTING
Accounting Policies: The accompanying Schedule is prepared 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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10% de minimis indirect cost rate as covered in 2 CFR §200.414.
The accompanying Schedule is prepared 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 to reimbursement.
Title: NOTE 3 INDIRECT COST RATE
Accounting Policies: The accompanying Schedule is prepared 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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10% de minimis indirect cost rate as covered in 2 CFR §200.414.
The Commission did not elect to use the 10% de minimis indirect cost rate as covered in 2 CFR §200.414.
Title: NOTE 4 ASSISTANCE LISING NUMBERS
Accounting Policies: The accompanying Schedule is prepared 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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10% de minimis indirect cost rate as covered in 2 CFR §200.414.
The program titles and Assistance Listing Numbers (ALN) were obtained from the federal or pass-through grantor.
Title: NOTE 5 PASS-THROUGH ENTITIES’ IDENTIFYING NUMBER
Accounting Policies: The accompanying Schedule is prepared 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 to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10% de minimis indirect cost rate as covered in 2 CFR §200.414.
When federal awards were received from a pass-through entity, the Schedule shows, if available, the identifying number assigned by the pass-through entity. When no identifying number is shown, the Commission determined that no identifying number is assigned for the program, or the Commission was unable to obtain an identifying number from the pass-through entity.