Notes to SEFA
Title: NOTE A -- BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Green Hills Community
Action Agency and presents expenditures on the accrual basis of accounting, except for subsidy programs, which follows REAC
PHA - Financial Accounting Brief - Accounting Issue #10, which defines a Federal expenditure expended for single audit purposes as when dollars are received. The information in this schedule is presented in accordance with the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: NONE
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Green Hills Community
Action Agency and presents expenditures on the accrual basis of accounting, except for subsidy programs, which follows REAC
PHA - Financial Accounting Brief - Accounting Issue #10, which defines a Federal expenditure expended for single audit purposes as when dollars are received. The information in this schedule is presented in accordance with the Uniform Guidance.
Title: NOTE B -- LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Green Hills Community
Action Agency and presents expenditures on the accrual basis of accounting, except for subsidy programs, which follows REAC
PHA - Financial Accounting Brief - Accounting Issue #10, which defines a Federal expenditure expended for single audit purposes as when dollars are received. The information in this schedule is presented in accordance with the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: NONE
The accompanying schedule of expenditures of federal awards includes the outstanding balance at 10/01/2023 of CHDO forgivable loans
because the Federal Government imposes continuing compliance requirements. Balance at 09/30/2024 was $4,323,470.00
Title: NOTE C: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Green Hills Community
Action Agency and presents expenditures on the accrual basis of accounting, except for subsidy programs, which follows REAC
PHA - Financial Accounting Brief - Accounting Issue #10, which defines a Federal expenditure expended for single audit purposes as when dollars are received. The information in this schedule is presented in accordance with the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: NONE
Green Hills Community Action Agency did not elect to use the 10% de minimis cost rate.