Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Housing Authority of the City of East St. Louis (the Authority) under programs of the federal government for the year ended March 31, 2024. The information in this Schedule is presented in accordance with the requirements of 2 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 Authority, it is not intended to, and does not, present the
financial position, changes in net position, or cash flows of the Authority.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through, entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority did not provide any federal awards to subrecipients for the year ended March 31, 2024.
Title: NONCASH FEDERAL ASSISTANCE
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Housing Authority of the City of East St. Louis (the Authority) under programs of the federal government for the year ended March 31, 2024. The information in this Schedule is presented in accordance with the requirements of 2 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 Authority, it is not intended to, and does not, present the
financial position, changes in net position, or cash flows of the Authority.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through, entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority received no federal awards of nonmonetary assistance that are required to be disclosed for the fiscal year ended March 31, 2024.
The Authority had no loans, loan guarantees, or federally restricted endowment funds required to be disclosed for the fiscal year ended March 31, 2024.