Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Fort Walton Beach Housing Authority and is presented on the accrual basis of accounting. The information on 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10-percent de minimis indirect cost rate.
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: Noncash Federal Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Fort Walton Beach Housing Authority and is presented on the accrual basis of accounting. The information on 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10-percent de minimis indirect cost rate.
The Authority did not receive any noncash assistance, federal loans, or federally funded insurance during the year ended June 30, 2024.
Title: Sub-Recipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Fort Walton Beach Housing Authority and is presented on the accrual basis of accounting. The information on 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10-percent de minimis indirect cost rate.
During the year ended June 30, 2024, the Authority had no sub-recipients.