Notes to SEFA
Title: REPORTING ENTITY
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Housing and Redevelopment Authority of Todd County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The schedule of expenditures of federal awards (the Schedule) presents the federal award programs expended by the Housing and Redevelopment Authority of Todd County (the Authority). The Authority’s reporting entity is defined in Note 1 to the financial statements.
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Housing and Redevelopment Authority of Todd County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule includes the federal grant activity of Housing and Redevelopment Authority of Todd County under programs of the federal government for the year ended December 31, 2024. The information in this Schedule 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) from the Office of Management and Budget (OMB). Because the Schedule presents only a selected portion of the operations of Housing and Redevelopment Authority of Todd County, it is not intended to and does not present the financial position or changes in net position of Housing and Redevelopment Authority of Todd County.
Title: FEDERAL LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Housing and Redevelopment Authority of Todd County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Authority was approved by the U.S. Department of Agriculture to receive loans to provide economically designed and constructed rental and cooperative housing and related facilities suited for rural residents under the Rural Rental Housing Loan Grant Program (ALN 10.415). Loans outstanding at the beginning of the year were $115,801 and loans/subsidies made during the year are included in the federal expenditures presented in the Schedule. The loan balance at December 31, 2023 was $115,801 and there was $625 in subsidies in 2024 for total federal expenditures of $116,426.