Notes to SEFA
Title: Note 1-Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are recognized following the cost principles 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 Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal and state award activity of the Housing Authority of the County of Winnebago (Authority) and River Cities Redevelopment, LLC (LLC) for the year ended December 31, 2023 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 Authority and the LLC, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority or LLC.