Notes to SEFA
Title: NOTE A -- BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant
activity of Lafayette County Housing Authority, HUD Project MO204 and is presented
in accordance with REAC PHA Financial Accounting Brief - Account Issue #10, which
defines a Federal expenditure expended for a Single Audit purposes, as when dollars are
received. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: NONE
The accompanying schedule of expenditures of federal awards includes the federal grant
activity of Lafayette County Housing Authority, HUD Project MO204 and is presented
in accordance with REAC PHA Financial Accounting Brief - Account Issue #10, which
defines a Federal expenditure expended for a Single Audit purposes, as when dollars are
received. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of the basic financial statements.
Title: NOTE B --INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant
activity of Lafayette County Housing Authority, HUD Project MO204 and is presented
in accordance with REAC PHA Financial Accounting Brief - Account Issue #10, which
defines a Federal expenditure expended for a Single Audit purposes, as when dollars are
received. Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: NONE
The Authority has not elected to use the de minimis indirect cost rate.