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”) includes the federal
award activity of the 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 of Federal Awards (Uniform Guidance). Because the Schedule
presents only a selected portion of the operations of the Housing Authority, it is not intended to and does
not present the financial position, changes in net position, or cash flows of the Housing Authority.
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. The Housing Authority has elected not to
use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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
The Housing Authority did not provide any federal awards to sub-recipients for the year ended 2023.
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 the accompanying financial statements:
Expenditures according to schedule of expenditures of federal awards $ 9,403,883
Depreciation and amortization 1,166,078
Expenditures funded by nonfederal sources 272,922
Expenditures on financial statements $ 10,842,883