Notes to SEFA
Title: 1. Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Norfolk Redevelopment and Housing Authority and is presented on the accrual basis of accounting.
The information in this schedule is presented in accordance with the requirements of the Uniform
Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the preparation
of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Norfolk Redevelopment and Housing Authority and is presented on the accrual basis of accounting.
The information in this schedule is presented in accordance with the requirements of the Uniform
Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the preparation
of the basic financial statements.
Title: 2. Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Norfolk Redevelopment and Housing Authority and is presented on the accrual basis of accounting.
The information in this schedule is presented in accordance with the requirements of the Uniform
Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the preparation
of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
At June 30, 2024, the Authority is not the guarantor of any loans outstanding, except as discussed in
the notes to the financial statements.
Title: 3. Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Norfolk Redevelopment and Housing Authority and is presented on the accrual basis of accounting.
The information in this schedule is presented in accordance with the requirements of the Uniform
Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the preparation
of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.
The Authority has elected not to use the 10% de minimis indirect cost rate allowed under Uniform
Guidance.