Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards
(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. Negative amounts shown on
the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The Schedule includes the federal award activity of the Authority under programs of the federal
government for the year ended December 31, 2023. 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. Because the Schedule presents only a selected portion of the operations of the
Authority, it is not intended to and does not present the net position, changes in net
position, or cash flows of the Authority.
Title: DISCLOSURE OF OTHER FORMS OF ASSISTANCE
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards
(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. Negative amounts shown on
the Schedule represent adjustments or credits made in the normal course of business to
amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The Authority has guaranteed debt in the Rural Rental Housing loans (AL 10.415) in the amount
of $331,304 as of December 31, 2023.