Notes to SEFA
Title: NOTE 5 – NOTES PAYABLE
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority did not elect to use the 10-precent de minimis indirect cost rate allowed under the Uniform Guidance.
NOTE 5 – NOTES PAYABLE Not included in the Schedule of Expenditures of Federal Awards are the following two outstanding long-term housing note payable balances at September 30, 2024: $404,730 for New Construction, CDFA #14.182, and $748,854 for Rural Rental, CDFA #10.415.