Notes to SEFA
Title: Note 1 Basis of Accounting
Accounting Policies: The Schedule of Financial Assistance is prepared on the GAAP basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The Schedule of Financial Assistance is prepared on the GAAP basis of accounting.
Title: Note 2 Major Programs
Accounting Policies: The Schedule of Financial Assistance is prepared on the GAAP basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The (*) to the right of an ALN identifies the grant as a major federal program as defined by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: Note 3 Award Balance
Accounting Policies: The Schedule of Financial Assistance is prepared on the GAAP basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
On the Housing Choice Vouchers program, the Authority receives annual funds based on an annual estimate of need. Unexpended grant funds are used to meet subsequent year HAP shortfalls.
Title: Note 4 Program Costs
Accounting Policies: The Schedule of Financial Assistance is prepared on the GAAP basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The amounts shown as current year expenditures represent only the federal portion of the actual program costs. Actual program costs, including the housing Authority's portion, may be more than shown.
Title: Note 5 Indirect Cost Allocation
Accounting Policies: The Schedule of Financial Assistance is prepared on the GAAP basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimus cost rate.
The Authority has not elected to use the 10-percent de minimus indirect cost rate as allowed under Uniform Guidance.