Notes to SEFA
Accounting Policies: Housing Authority of the City of OrangeNotes to the Schedule of Expenditures of Federal Awards March 31, 2022Note 1. General InformationThe accompanying Schedule of Expenditures of Federal Awards presents the activities in all the federal programs of the Housing Authority of the City of Orange. All financial assistance received directly from federal agencies as well as financial assistance passed through other governmental agencies is included on the schedule.Note 2. Basis of AccountingThe accompanying schedule is presented on the accrual basis of accounting. The amounts reported in this schedule are presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.Note 3. Non-Cash Federal AssistanceThe Authority did not receive any non-cash federal assistance for the year ended March 31, 2021.Note 4. Loan GuaranteesAt March 31, 2021, the Authority is not the guarantor of any loans outstanding.Note 5. Sub-RecipientsOf the federal expenditures presented in this schedule, no expenditures were used to provide federal awards to sub-recipients.Note 6. Indirect Cost RateThe Authority has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.