Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the Schedule) are
reported 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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Southeastern Minnesota Multi-County Housing and Redevelopment Authority has not
elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The accompanying Schedule includes the federal award activity of the Southeastern Minnesota
Multi-County Housing and Redevelopment Authority and is presented on the accrual basis of
accounting.. The information in this schedule is presented in accordance with the requirements
of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the
Schedule presents only a selected portion of the operations of the Southeastern Minnesota
Multi-County Housing and Redevelopment Authority, it is not intended to and does not present
the financial position, change in net position, or cash flows of Southeastern Minnesota Multi-
County Housing and Redevelopment Authority.
Title: DISCLOSURE OF OTHER FORMS OF ASSISTANCE
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the Schedule) are
reported 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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Southeastern Minnesota Multi-County Housing and Redevelopment Authority has not
elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The Southeastern Minnesota Multi-County HRA has guaranteed debt in the Rural Rental
Housing loans (AL 10.415) in the amount of $1,827,936 as of December 31, 2023.