Notes to SEFA
Title: 1. REPORTING ENTITY
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited
as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Olmsted County Housing and Redevelopment Authority has elected not to use the 10 percent de minimis
indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by the Olmsted County
Housing and Redevelopment Authority. The Authoritys reporting entity is defined in Note A to the financial statements
Title: 2. BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited
as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Olmsted County Housing and Redevelopment Authority has elected not to use the 10 percent de minimis
indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Olmsted County Housing and
Redevelopment Authority under programs of the federal government for the year ended December 31, 2023. The information in this
schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the financial statements.
Because the schedule presents only a selected portion of the operations of Olmsted County Housing and Redevelopment Authority,
it is not intended to and does not present the financial position, changes in net assets, or cash flows of Olmsted County Housing and
Redevelopment Authority.
Title: 4. DISCLOSURE OF OTHER FORMS OF ASSISTANCE
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited
as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Olmsted County Housing and Redevelopment Authority has elected not to use the 10 percent de minimis
indirect cost rate allowed under the Uniform Guidance.
The Olmsted County Housing and Redevelopment Authority had non cash assistance in the form of interest subsidy in the amount of
$17,678 from Rural Rental Housing loans during the year ending December 31, 2023.
Title: 5. RECONCILIATION TO SCHEDULE OF INTERGOVERNMENTAL REVENUE
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited
as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Olmsted County Housing and Redevelopment Authority has elected not to use the 10 percent de minimis
indirect cost rate allowed under the Uniform Guidance.
Federal grant revenue per Schedule of Intergovernmental Revenue $ 7,785,927
Per HUD include in SEFA
Other public housing authorities, port in income 680,045
Supportive housing for persons with disabilities, temporarily restricted capital advance 647,200
Expenditures per Schedule of Expenditures of Federal Awards $ 9,113,172