Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Full Accrual
De Minimis Rate Used: N
Rate Explanation: The Authority does not 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 County of Howard, 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 does not 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 does not use the de minimis cost rate.
The Housing Authority of the County of Howard has elected not to use the 10% de minimis indirect
cost rate allowed under the Uniform Guidance.