Notes to SEFA
Title: Basis of Accounting
Accounting Policies: Basis of accounting
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the “Schedule”)
includes the federal grant activity of the Housing Commission under programs of the federal government
for the year ended December 31, 2023. Expenditures reported on the Schedule are reported on the same
basis of accounting as the basic financial statements, although the basis for determining when federal
awards are expended is presented in accordance with the requirements of the Uniform Guidance, Audit of
States, Local Governments, and Non-Profit Organizations. In addition, expenditures reported on the
Schedule are recognized following the cost principles required by Title 2 U.S. Code of Federal Regulations
(CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited
as to reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts
presented in, or used in the preparation of the financial statements.
Because the Schedule presents only a selected portion of the operations of the Housing Commission, it is
not intended to and does not present the financial position, changes in net assets, or cash flows, if applicable,
of the Housing Commission.
Title: Indirect Cost Rate
Accounting Policies: Basis of accounting
De Minimis Rate Used: N
Rate Explanation: N/A
The Authority did not elect to use the 10 percent de minimis indirect cost rate as
allowed under the Uniform Guidance
Title: Subrecipients
Accounting Policies: Basis of accounting
De Minimis Rate Used: N
Rate Explanation: N/A
None of the federal expenditures presented in the schedule were provided to
subrecipients.
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