Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the
Village of Spring Valley Housing Authority (the “Authority”) for the year ended June 30, 2024. Federal Awards received directly
from Federal agencies, as well as Federal awards passed through other governmental agencies, are included in the
Schedule. The information in the 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.
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 percent de minimus cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity
of the Village of Spring Valley Housing Authority (the “Authority”) for the year ended June 30, 2024. Federal
Awards received directly from Federal agencies, as well as Federal awards passed through other governmental
agencies, are included in the Schedule. The information in the 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.
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: Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the
Village of Spring Valley Housing Authority (the “Authority”) for the year ended June 30, 2024. Federal Awards received directly
from Federal agencies, as well as Federal awards passed through other governmental agencies, are included in the
Schedule. The information in the 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.
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 percent de minimus cost rate as allowed under the Uniform Guidance.
The Authority has elected not to use the 10 percent de minimus cost rate as allowed under the Uniform Guidance.
Title: Insurance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the
Village of Spring Valley Housing Authority (the “Authority”) for the year ended June 30, 2024. Federal Awards received directly
from Federal agencies, as well as Federal awards passed through other governmental agencies, are included in the
Schedule. The information in the 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.
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 percent de minimus cost rate as allowed under the Uniform Guidance.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federal funds has only a nominal value and is covered by the Authority's casualty insurance policies.
Title: Reconciliation to Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the
Village of Spring Valley Housing Authority (the “Authority”) for the year ended June 30, 2024. Federal Awards received directly
from Federal agencies, as well as Federal awards passed through other governmental agencies, are included in the
Schedule. The information in the 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.
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 percent de minimus cost rate as allowed under the Uniform Guidance.
The expenditures presented in the Schedule of Expenditures of Federal Awards reconcile to the federal aid reported
in the Statement of Revenues, Expenses, and Changes in Net Position as follows: