Notes to SEFA
Title: Contingencies
Accounting Policies: The schedule of expenditures of federal awards is presented on the full accrual basis of accounting.The accompanying schedule presents expenditures paid for each federal awards program is in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit 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). Federal programs in titles are reported as presented in the Catalog of Federal Domestic Assistance (CFDA), whenever possible. The Housing Authority of the County of Williamson, Illinois, a non-Federal entity, elected to not use the 10% de minimis cost rate as covered in ? 200.414 Indirect (F&A) costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the normal course of business, the Housing Authority receives funds from the United States Government for program services. Substantially all of these funds are subject to future audit by the U.S. Department of Housing and Urban Development. However, it is managements opinion that resulting adjustment, if any, would not have a material effect upon the accompanying basic financial statements.
Title: Subsequent Events
Accounting Policies: The schedule of expenditures of federal awards is presented on the full accrual basis of accounting.The accompanying schedule presents expenditures paid for each federal awards program is in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit 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). Federal programs in titles are reported as presented in the Catalog of Federal Domestic Assistance (CFDA), whenever possible. The Housing Authority of the County of Williamson, Illinois, a non-Federal entity, elected to not use the 10% de minimis cost rate as covered in ? 200.414 Indirect (F&A) costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Housing Authority has evaluated subsequent events through September 6, 2023, the date which the financial statements were available to be issued.