Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of the Housing Authority of the City of Sherman (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 Title 2 U.S. Code of Federal Regulations 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.