Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on this 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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority of the City of Colorado Springs has elected not to use the 10 percent minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of the City of Colorado Springs 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 (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.
Title: Disclosure of Other Forms of Assistance
Accounting Policies: Expenditures reported on this 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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority of the City of Colorado Springs has elected not to use the 10 percent minimus indirect cost rate allowed under the Uniform Guidance.
Included in the amounts shown on the accompanying schedule of federal awards is a loan - assistance listing number 14.239 payable to the City of Colorado Springs. The total HUD-insured portion of mortgages have an outstanding balance of $1,082,000 under this program as of December 31, 2023.