Notes to SEFA
Title: Progeram Costs
Accounting Policies: The Schedule of Expenditures of Federal Award (SEFA) provides a list of all federal assistance programs in which the Authority participate and summarizes the grant transactions of Authority for the year ending December 31, 2023. The SEFA is presented using the same basis of accounting as the financial statements. The Housing Authority uses the accrual basis of accounting as prescribed by generally accepted accounting procedures.
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 Uniform Guidance
The amounts shown as current year expenditures represent only the federal portion of the program costs. Entire program costs, including the Bellingham Housing Authority’s portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or 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 are limited as to reimbursement.
Title: Expenditures
Accounting Policies: The Schedule of Expenditures of Federal Award (SEFA) provides a list of all federal assistance programs in which the Authority participate and summarizes the grant transactions of Authority for the year ending December 31, 2023. The SEFA is presented using the same basis of accounting as the financial statements. The Housing Authority uses the accrual basis of accounting as prescribed by generally accepted accounting procedures.
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 Uniform Guidance
The Schedule of Expenditures of Federal Awards shows expenditures paid and accrued as of fiscal year end. This total does not equal the amount requested during the fiscal year on the Line of Credit Control System Payment Vouchers, due to accruals.