Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: GAAP Accounting
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Housing Authority of the City of Benton under programs of the federal government for the year ended March 31, 2023. 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 Housing Authority of the City of Benton, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Housing Authority of the City of Benton.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: GAAP Accounting
De Minimis Rate Used: N
Rate Explanation: N/A
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.
Title: Note C - Indirect Cost Rate
Accounting Policies: GAAP Accounting
De Minimis Rate Used: N
Rate Explanation: N/A
The Housing Authority of the City of Benton has elected not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.