Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Full Accrual
De Minimis Rate Used: N
Rate Explanation: The Authority has chosen not to implement and use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of the Housing Authority of the City of Idabel, and is presented on the accrual basis and in conformity with generally accepted accounting principles accepted in the United States of America. The information in this 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.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: Full Accrual
De Minimis Rate Used: N
Rate Explanation: The Authority has chosen not to implement and use the de minimis cost rate.
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: Note C - Indirect Cost Rate
Accounting Policies: Full Accrual
De Minimis Rate Used: N
Rate Explanation: The Authority has chosen not to implement and use the de minimis cost rate.
The Housing Authority of the City of Idabel has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.