Notes to SEFA
Title: Note 1 - Basis of Presentation
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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis cost rate and does not draw for indirect administrative expenses.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of Longmont Housing Authority under programs of the federal government for the year ended December 31, 2024. The information 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 Longmont Housing Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of Longmont Housing Authority.
Title: Note 4 - Loan Program Related to Coronavirus State and Local Recovery Funds
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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis cost rate and does not draw for indirect administrative expenses.
Expenditures reported in this schedule consist of the beginning of the year outstanding loan balance plus advances made on the loan during the year. There were no advances made on the loan during 2024. The outstanding balance at December 31, 2024 was $39,065.