Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting, the method used to prepare the Housing Entity’s basic financial statements. Note 1
of the Housing Entity’s basic financial statements describes the significant accounting policies used by the Housing Entity. Such expenses are recognized following the cost principles contained in Uniform
Guidance, wherein certain types of expenses are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Housing Entity did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal
award activity of the Housing Entity 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 the Housing Entity, it is not intended to and does not
present the financial position, changes in net position, or cash flows of the Housing Entity.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting, the method used to prepare the Housing Entity’s basic financial statements. Note 1
of the Housing Entity’s basic financial statements describes the significant accounting policies used by the Housing Entity. Such expenses are recognized following the cost principles contained in Uniform
Guidance, wherein certain types of expenses are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Housing Entity did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting, the method used to prepare the Housing Entity’s basic financial statements. Note 1 of the Housing Entity’s basic financial statements describes the significant accounting policies used by
the Housing Entity. Such expenses are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenses are not allowable or are limited to reimbursement.
Title: NOTE 3 - SUBRECIPIENTS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting, the method used to prepare the Housing Entity’s basic financial statements. Note 1
of the Housing Entity’s basic financial statements describes the significant accounting policies used by the Housing Entity. Such expenses are recognized following the cost principles contained in Uniform
Guidance, wherein certain types of expenses are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Housing Entity did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Housing Entity reported no subrecipients.
Title: NOTE 4 - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting, the method used to prepare the Housing Entity’s basic financial statements. Note 1
of the Housing Entity’s basic financial statements describes the significant accounting policies used by the Housing Entity. Such expenses are recognized following the cost principles contained in Uniform
Guidance, wherein certain types of expenses are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Housing Entity did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Housing Entity did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.