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 Huntsville Housing Authority (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 assets, 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. Pass-through entity identifying numbers are presented where applicable and available.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Of the federal expenditures presented in the accompanying schedule, the Authority provided federal awards to a subrecipient (Huntsville-Madison County Mental Health Board, Inc.) in
the amount of $289,356 under the Continuum of Care program (Assistance Listing #14.267) 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 Huntsville Housing Authority (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 assets, 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. Pass-through entity identifying numbers are presented where applicable and available.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority did not receive any noncash federal assistance for the year ended March 31, 2024.