Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: During the year ended December 31, 2024, the HRA did not elect to use the 10 percent de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the South Central Minnesota Multi-County Housing and Redevelopment Authority, (the HRA), North Mankato, Minnesota for the year ended December 31, 2024. The HRA's reporting entity is defined in Note 1A to the HRA's financial statements. The information in this schedule is presented in accordance with the requirement of the Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. All Federal awards received directly from Federal agencies as well as Federal awards passed through other government agencies are included on the schedule.
Title: Note 2: Summary of Significant Accounting Policies for Expenditures
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: During the year ended December 31, 2024, the HRA did not elect to use the 10 percent de minimis indirect cost rate.
Expenditures reported on this schedule are reported on the modified accrual basis of accounting.
Title: Note 3: Pass-through Entity Identifying Numbers
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: During the year ended December 31, 2024, the HRA did not elect to use the 10 percent de minimis indirect cost rate.
Pass-through entity identifying numbers, if any, are presented where available.
Title: Note 4: Subrecipients
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: During the year ended December 31, 2024, the HRA did not elect to use the 10 percent de minimis indirect cost rate.
No federal expenditures presented in this schedule were provided to subrecipients.
Title: Note 5: Indirect Cost Rate
Accounting Policies: Expenditures reported on this schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: During the year ended December 31, 2024, the HRA did not elect to use the 10 percent de minimis indirect cost rate.
During the year ended December 31, 2024, the HRA did not elect to use the 10 percent de minimis indirect cost rate.