Notes to SEFA
Title: Summary of Significant Accounting Policies Applicable to the Schedule of Expenditures of Federal Awards
Accounting Policies: (1) Summary of Significant Accounting Policies Applicable to the Schedule of Expenditures of Federal Awards Scope of Presentation The accompanying schedule presents the expenditures incurred (and related awards received) by the Menard County Housing Authority (the Authority) that are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule. Basis of Accounting The expenditures included in the accompanying schedule were reported on the accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. The information in this schedule is presented in accordance with the requirements of Uniform Guidance, Audit of States, Local Governments, and Non_x0002_Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Indirect Cost Rate The Authority elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414
De Minimis Rate Used: N
Rate Explanation: Entity did not use De minimis rate
Scope of Presentation
The accompanying schedule presents the expenditures incurred (and related awards received) by the Menard County
Housing Authority (the Authority) that are reimbursable under federal programs of federal agencies providing financial
assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable
with such federal or state funds is reported in the accompanying schedule. Program expenditures in excess of the
maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded
with local or other nonfederal funds are excluded from the accompanying schedule.
Basis of Accounting
The expenditures included in the accompanying schedule were reported on the accrual basis of accounting.
Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported
included any property or equipment acquisitions incurred under the federal program. The information in this schedule
is presented in accordance with the requirements of Uniform Guidance, Audit of States, Local Governments, and Non_x0002_Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in or
used in the preparation of the basic financial statements.
Indirect Cost Rate
The Authority elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section
414