Notes to SEFA
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
award activity of Fairfield Metropolitan Housing Authority, Fairfield County, Ohio (the Authority) under
programs of the federal government for the year ended December 31, 2023. The information on this
Schedule has been prepared 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 Authority, it is not intended to and does not present the
financial position, change in net position, or cash flows of the Authority.
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on 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.
NOTE 3 – INDIRECT COST RATE
The Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A