Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Office of Rural and Farmworker Housing under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Office of Rural and Farmworkers Housing, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Office of Rural and Farmworker Housing. Expenditures reported in the Schedule are reported on the 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. The Expenditures column reports grant expenditures incurred and outstanding loan balances.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.