Notes to SEFA
Title: NOTE 5 – NOTES PAYABLE
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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority did not elect to use the 10-precent de minimis indirect cost rate allowed under the Uniform Guidance.
At December 31, 2023, the Section Eight New Construction and Rural Rental funds owed $324,985 and $621,310 respectively to the Farmer’s Home Administration.