Notes to SEFA
Title: NOTE 1
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 Authority did not elect to use the 10-percent de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards includes federal grant activity of
the Housing Authority of the City of Biloxi, Mississippi 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 Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in
this schedule may differ from amounts presented in, or used in the preparation of, the basic
financial statements.
In accordance with HUD regulations, HUD considers the Annual Budget Authority for the Housing
Choice Voucher Program, AL No. 14.871, to be considered an expenditure for the purposes of
this schedule. Therefore, the amount in this schedule is the total amount received directly from
HUD.
Title: NOTE 2
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 Authority did not elect to use the 10-percent de minimis indirect cost rate.
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.
Title: NOTE 3
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 Authority did not elect to use the 10-percent de minimis indirect cost rate.
The Authority did not elect to use the 10-percent de minimis indirect cost rate.
Title: NOTE 4
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 Authority did not elect to use the 10-percent de minimis indirect cost rate.
During the year ended December 31, 2023, the Authority had no sub-recipients.
Title: NOTE 5
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 Authority did not elect to use the 10-percent de minimis indirect cost rate.
The Authority did not receive any noncash assistance, federal loans, or federally funded
insurance during the year ended December 31, 2023.