Notes to SEFA
Title: BASIS OF PRESENTATION
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or 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: Minot Housing Authority has not elected to use the 10-percent de minimis cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of Minot Housing 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 (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Minot Housing Authority, it is not intended to and does not present the net position, change in net position, or cash flows of Minot Housing Authority.
Title: RECONCILIATION OF SEFA TO FINANCIAL STATEMENTS
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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or 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: Minot Housing Authority has not elected to use the 10-percent de minimis cost rate as allowed under the Uniform Guidance.
The following schedule ties the total amount of federal awards as stated on the SEFA schedule to the financial statements: See the Notes to the SEFA for chart/table.