Notes to SEFA
Title: Note 1—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 some types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: HUEDC does not use the 10% de minimis indirect rate allowed in the Uniform Guidance, Section 414.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of HUEDC 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 ("CFR") 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 HUEDC, it is not intended to, and does not, present the financial position, changes in net assets or cash flows of HUEDC.
Title: Note 3—Basis of Accounting
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 some types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: HUEDC does not use the 10% de minimis indirect rate allowed in the Uniform Guidance, Section 414.
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. HUEDC receives federal grant funds that are subject to review and audit by federal agencies. Such audits could result in a request for reimbursement by the federal government for expenditures disallowed under terms and conditions of the appropriate regulatory agency. Management believes such disallowances, if any, would not be significant.
Title: Note 4—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 some types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: HUEDC does not use the 10% de minimis indirect rate allowed in the Uniform Guidance, Section 414.
There were no awards passed through to subrecipients the fiscal year ended December 31, 2023.