Notes to SEFA
Title: NOTE 3
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial award programs of Pennington County Housing and Redevelopment Commission presented on the accrual basis of accounting. The Commission's reporting entity is defined in the notes to the component unit financial statements of the Commission. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The balance of federal loans outstanding as of March 31, 2024 was $71,191.
Title: NOTE 4
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the activity of all federal financial award programs of Pennington County Housing and Redevelopment Commission presented on the accrual basis of accounting. The Commission's reporting entity is defined in the notes to the component unit financial statements of the Commission. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Commission has not passed any awards through to subrecipients.