Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Lac du
Flambeau Chippewa Housing Authority (the Authority) under programs of the federal government for the year ended
September 30, 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. Because the Schedule presents only a selected portion of the operations of Lac du Flambeau Chippewa Housing
Authority, it is not intended to, and does not, present the financial position, changes in financial position, or cash flows of Lac
du Flambeau Chippewa Housing Authority. 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. Pass‐through entity identifying numbers are
presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to 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
Title: Noncash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Lac du
Flambeau Chippewa Housing Authority (the Authority) under programs of the federal government for the year ended
September 30, 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. Because the Schedule presents only a selected portion of the operations of Lac du Flambeau Chippewa Housing
Authority, it is not intended to, and does not, present the financial position, changes in financial position, or cash flows of Lac
du Flambeau Chippewa Housing Authority. 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. Pass‐through entity identifying numbers are
presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Financing for the construction of four 20‐unit apartment buildings was obtained through U.S. Department of Agriculture Rural
Development (Assistance Listing No. 10.415, Rural Rental Housing Assistance Loan) and is considered noncash federal
assistance because of continuing compliance requirements. At September 30, 2024, the loan balances totaled $ 3,385,022