Notes to SEFA
Title: 1. Scope of Audit Pursuant to Uniform Guidance
Accounting Policies: The Authority’s Schedule of Expenditures of Federal Awards has been prepared using the same basis of
accounting as the June 30, 2024 financial statements of the Authority. The Authority reports to HUD and
RD using the accrual basis of accounting. A complete description of the basis of accounting is included
in Note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The
Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award
programs of the Authority. All federal awards received directly from federal agencies as well as federal
awards passed through other governmental agencies or other entities are included in the Schedule. The
Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: 2. Basis of Presentation
Accounting Policies: The Authority’s Schedule of Expenditures of Federal Awards has been prepared using the same basis of
accounting as the June 30, 2024 financial statements of the Authority. The Authority reports to HUD and
RD using the accrual basis of accounting. A complete description of the basis of accounting is included
in Note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The
Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The Authority’s Schedule of Expenditures of Federal Awards has been prepared using the same basis of
accounting as the June 30, 2024 financial statements of the Authority. The Authority reports to HUD and
RD using the accrual basis of accounting. A complete description of the basis of accounting is included
in Note 1 to those financial statements.
Title: 3. Contingencies
Accounting Policies: The Authority’s Schedule of Expenditures of Federal Awards has been prepared using the same basis of
accounting as the June 30, 2024 financial statements of the Authority. The Authority reports to HUD and
RD using the accrual basis of accounting. A complete description of the basis of accounting is included
in Note 1 to those financial statements.
De Minimis Rate Used: N
Rate Explanation: The
Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
In connection with various federal grant programs, the Authority is obligated to administer related
programs and spend the funds in accordance with regulatory restrictions, and is subject to audit by grantor
agencies and other auditors. In cases of noncompliance, the agencies involved may require the Authority
to refund program funds.