Notes to SEFA
Title: Reporting Guidance
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 and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Presque Isle Housing Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards has been prepared
following the guidance provided by the U.S. Department of Housing and Urban Development’s
Real Estate Assessment Center (REAC).