Notes to SEFA
Title: Contingencies
Accounting Policies: 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the St. Louis Housing Authority (the Authority) under programs of the federal government for the year ended September 30, 2023. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.
2. Basis of Accounting
The schedule of expenditures of federal awards is presented on the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to charge the 10% de minimis indirect cost rate to its federal award programs.
During the normal course of business, the St. Louis Housing Authority receives funds from the United States Government for program services. Substantially all of these funds are subject to future audit by the U. S. Department of Housing and Urban Development, however, it is management’s opinion that resulting adjustments, if any, would not have a material effect upon the accompanying financial statements.
Title: Reporting Entity
Accounting Policies: 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the St. Louis Housing Authority (the Authority) under programs of the federal government for the year ended September 30, 2023. 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.
2. Basis of Accounting
The schedule of expenditures of federal awards is presented on the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to charge the 10% de minimis indirect cost rate to its federal award programs.
The St. Louis Housing Authority was established for the purpose of engaging in the development, acquisition, and administrative activities of the low-income housing program and other programs with similar objectives. The St. Louis Housing Authority includes the low-rent public housing program, capital fund program, rental assistance programs and various grants from HUD.