Notes to SEFA
Title: Note 3. Subrecipients
Accounting Policies: Note 1. Basis of Presentation and Summary of Significant Accounting Policies The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing and Redevelopment Authority of Itasca County ("Authority") and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the financial statements. 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 2. The Authority has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
During 2022, the Authority did not pass any federal awards through to subrecipients.
Title: Note 4. Disclosure of Other Forms of Assistance
Accounting Policies: Note 1. Basis of Presentation and Summary of Significant Accounting Policies The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing and Redevelopment Authority of Itasca County ("Authority") and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the financial statements. 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 2. The Authority has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
The Authority received no federal awards of non-monetary assistance that are required to be reported for the year ended December 31, 2022. The Authority had no loans or loan guarantees required to be disclosed for the year ended December 31, 2022.
Title: Note 5. Operations Not Included in the Audit
Accounting Policies: Note 1. Basis of Presentation and Summary of Significant Accounting Policies The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing and Redevelopment Authority of Itasca County ("Authority") and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the financial statements. 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 reimbursement.
De Minimis Rate Used: N
Rate Explanation: Note 2. The Authority has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.
The Authority's basic financial statements include the operations of the Crystal Lake Townhomes, which expended $159,281 in federal awards which is not included in the Authority's schedule of expenditures of federal awards for the year ended December 31, 2022. Our audit did not include the operations of Crystal Lake Townhomes. The financial statements of Crystal Lake Townhomes were audited by another auditor, whose report dated March 31, 2023, expressed an unmodified opinion on the financial statements.