Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the grant activity of Baxter Springs Housing, Inc., 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 (CFR) 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, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Baxter Springs Housing Authority.
De Minimis Rate Used: N
Rate Explanation: Baxter Springs Housing Authority has not elected to use the 10% de minimis cost rate as covered in 2 U.S. Code of Federal Regulations (CFR) part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) 200.414 Indirect (F&A) Costs.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Rural Rental Housing
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the grant activity of Baxter Springs Housing, Inc., 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 (CFR) 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, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Baxter Springs Housing Authority.
De Minimis Rate Used: N
Rate Explanation: Baxter Springs Housing Authority has not elected to use the 10% de minimis cost rate as covered in 2 U.S. Code of Federal Regulations (CFR) part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) 200.414 Indirect (F&A) Costs.
Rural rental housing loans were distributed to Baxter Springs Housing, Inc. The funds were used to construct the rental units. The funds advanced are repayable to the U.S. Department of Agriculture – Rural Development. The balance of the loans at December 31, 2024, was $894,877.