Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of Johnson County (Authority) and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority has not implemented the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of Johnson County (Authority) and is presented on the accrual basis of accounting.
The schedule summarizes the federal funds expended by the Authority under the programs of the federal government during the year ended March 31, 2024. The schedule of expenditures of federal awards displays the Authority’s expenditures charged to federal programs for the year ended March 31, 2024, the cost principals in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Authority has not implemented the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 2 – Sources of Funding
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of Johnson County (Authority) and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority has not implemented the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule includes all grants and contracts entered into directly between the Authority and agencies and departments of the federal government, as well as federal funds passed-through to the Authority by primary recipients. The Authority provided no part of its direct grant federal dollars to sub-recipients.
The Authority did not receive any non-cash assistance from federal funds and had no federal insurance as of March 31, 2024.
Title: Note 3 - Reconcilation of Federal Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of Johnson County (Authority) and is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority has not implemented the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Total Federal Expenditures per Schedule of Federal Awards $ 1,363,144
Reconciling item: Department of Agriculture, Rural Housing (Note 15) -660,507
Total Federal Assistance per Financial Statements $ 702,637
HUD grants $ 673,390
Rural Development 29,247
$ 702,637