Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Full Accrual
De Minimis Rate Used: N
Rate Explanation: The Housing Authority does not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the
Housing Authority of the City of Van Buren, 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 Housing 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 Housing Authority does not use the de minimis cost rate
The Housing Authority of the City of Van Buren has elected not to use the 10% de minimis indirect cost rate
allowed under the Uniform Guidance.