Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of the Housing Authority under programs of the federal government for the year ended September 30, 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 the Housing
Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows
of the Housing Authority.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of the Housing Authority under programs of the federal government for the year ended September 30, 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 the Housing
Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows
of the Housing Authority.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of the Housing Authority under programs of the federal government for the year ended September 30, 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 the Housing
Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows
of the Housing Authority.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has not elected to use the 10% de minimis cost rate.
Expenditures reported in the schedule are reported on the accrual basis of accounting, except for subrecipient
expenditures, which are recorded on the cash basis. When applicable, 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 3 - INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of the Housing Authority under programs of the federal government for the year ended September 30, 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 the Housing
Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows
of the Housing Authority.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority has not elected to use the 10% de minimis cost rate.
The Housing Authority has not elected to use the 10% de minimis cost rate.