Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the "Schedule") presents the activity of
all federal award programs of Santa Clara Pueblo Housing Authority (the "Housing Authority") for the
year ended December 31, 2023. Because the Schedule presents only a selected portion of the
operations of the Housing Authority, it is not intended to and doesn't present the financial position,
changes in net position, or cash flows of the Housing Authority. Federal awards received directly from
federal agencies are designated as “Direct Program.” Any federal awards passed through from other
grantor agencies, if any, are designated as “Pass-through” on the Schedule.
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).
The amount presented in the Schedule agrees to the amounts presented in or used in the preparation of
the basic financial statements.
Title: Summary of Significant Accounting Policies
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The Schedule is presented using the accrual basis of accounting, the method used to prepare the
Housing Authority’s basic financial statements. Note 1 of the Housing Authority’s basic financial
statements describes the significant accounting policies used by the Housing Authority. Such expenses
are recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenses are not allowable or are limited to reimbursement.
Title: Subrecipients
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
During the year ended December 31, 2023, the Housing Authority did not provide any awards to
subrecipients.
Title: Indirect Cost Rate
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The Housing Authority has elected not to use the 10% de minimis indirect cost rate as allowed under
Uniform Guidance.
Title: Reconciliation of Schedule of Expenditures of Federal Awards to the Financial Statements
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The following is a reconciliation of the expenditures reported on the schedule of expenditures of federal
awards to the expenditures reported on the Statement of Revenues, Expenses, and Changes in Net
Position included in accompanying financial statements:
Expenditures according to schedule of expenditures of federal awards $ 1,477,524
Capital expenditures 300,070
Depreciation 520,254
Expenditures funded by nonfederal sources (71,464)
Operating expenses on financial statements $ 2,226,384
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