Notes to SEFA
Title: Basis of Presentation
Accounting Policies: a) 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 or are limited as to reimbursement. b) The Housing Trust has elected not to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance as not allowed under the above grants. c) The outstanding balance of notes receivable at December 31, 2022 with continuing compliance requirements which are reported as federal expenditures on the accompanying schedule of expenditures of federal awards was $1,300,000.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the Housing Trust under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards ("Uniform Guidance"). Because the Schedule presents only a selected portion of the operations of the Housing Trust, it is not intended to and does not present the Housing Trust's financial position, changes in net assets, or cash flows.