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 Grundy County Public Housing 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 Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: NONE
The accompanying schedule of expenditures of federal awards includes the federal grant activity
of Grundy County Public Housing 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 Uniform Guidance.
Title: NOTE B --INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity
of Grundy County Public Housing 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 Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: NONE
Grundy County Public Housing Agency did not elect to use the 10% de minimis cost rate,
as it does not qualify.