Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the 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: Elected to not use.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of St. Germain
Housing Authority (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 for Federal
Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of St. Germain
Housing Authority, it is not intended to, and does not present the financial position, changes in financial position, or
cash flows of the Authority.
Title: Non-cash Assistance
Accounting Policies: Expenditures reported on the 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: Elected to not use.
Financing for the construction of three 12-unit apartment buildings was obtained through U.S. Department of
Agriculture Rural Development (ALN #10.415, Rural Rental Housing Assistance Loan) and is considered non-cash
federal assistance because of continuing compliance requirements. At December 31, 2023, the loan balances totaled
$1,985,147.
Title: Subrecipients
Accounting Policies: Expenditures reported on the 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: Elected to not use.
The Authority did not provide any federal awards to subrecipients.