Notes to SEFA
Title: NOTE 1 · BASIS OF PRESENTATION
Accounting Policies: The Schedule uses the accrual basis of accounting wherein revenues are recognized when earned and expenses when
incurred. 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.
Restricted Net Position
Net position is restricted for allowable federal program expenditures.
Administrative Fees
OHFA does not use the 10% De Minimis cost rate for billing indirect costs.
De Minimis Rate Used: N
Rate Explanation: OHFA does not use the 10% De Minimis cost rate for billing indirect costs.
The information in the Schedule of Expenditures of Federal Awards (Schedule) adheres to the requirements of Subpart F
of the Uniform Guidance. Some amounts presented in this Schedule may vary from amounts presented in, or used in, the
preparation of the basic financial statements. Because the Schedule presents only a selected portion of the operations
of OHFA, it is not intended to and does not present the financial position, changes in net position, or cash flows of OHFA.
OHFA reports the Schedule by both Federal Agency and Federal Program.
The Schedule reports total disbursements for each federal financial assistance program, as listed in the Assistance Listing
(AL). Also, the Schedule reports funds, if any, considered pass-through funds.
Title: NOTE 2 · SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The Schedule uses the accrual basis of accounting wherein revenues are recognized when earned and expenses when
incurred. 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.
Restricted Net Position
Net position is restricted for allowable federal program expenditures.
Administrative Fees
OHFA does not use the 10% De Minimis cost rate for billing indirect costs.
De Minimis Rate Used: N
Rate Explanation: OHFA does not use the 10% De Minimis cost rate for billing indirect costs.
The Schedule uses the accrual basis of accounting wherein revenues are recognized when earned and expenses when
incurred. 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.
Restricted Net Position
Net position is restricted for allowable federal program expenditures.
Administrative Fees
OHFA does not use the 10% De Minimis cost rate for billing indirect costs.
Title: NOTE 3 · SUBRECIPIENTS
Accounting Policies: The Schedule uses the accrual basis of accounting wherein revenues are recognized when earned and expenses when
incurred. 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.
Restricted Net Position
Net position is restricted for allowable federal program expenditures.
Administrative Fees
OHFA does not use the 10% De Minimis cost rate for billing indirect costs.
De Minimis Rate Used: N
Rate Explanation: OHFA does not use the 10% De Minimis cost rate for billing indirect costs.
OHFA passes certain federal awards received from the Department of Treasury to other governments or not-for-profit
agencies (subrecipients). As Note 2 describes, OHFA reports expenditures of federal awards to subrecipients on an
accrual basis.
OHFA has certain compliance responsibilities, such as monitoring subrecipients, to help assure they use these subawards
as authorized by laws, regulations, and the provisions of contracts or grant agreements, and that subrecipients achieve
the award’s performance goals.
Of the federal expenditures presented in the Schedule, OHFA provided federal awards to the Homeowner Assistance
Fund program in the amount of $14,077,565 to subrecipients.