Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial award programs of the Housing Authority of the City of Lander, Wyoming and is presented on the accrual basis. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Housing Authority of the City of Lander, Wyoming has not elected to use the 10% de minimis cost rate as
covered in 2 U.S. Code of Federal Regulations (CFR) part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance) 200.414 Indirect (F&A) Costs.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Rural Rental Housing
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial award programs of the Housing Authority of the City of Lander, Wyoming and is presented on the accrual basis. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Housing Authority of the City of Lander, Wyoming has not elected to use the 10% de minimis cost rate as
covered in 2 U.S. Code of Federal Regulations (CFR) part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance) 200.414 Indirect (F&A) Costs.
Rural rental housing loans were distributed to Housing Authority of the City of Lander, Wyoming. The funds were used to construct the rental units. The funds advanced are repayable to the U.S. Department of Agriculture – Rural Development. The balance of the loans at June 30, 2024, was $1,688,453.