Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the grant activity of the Housing Authority of the City of Keokuk, Iowa 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 position, or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The Housing Authority of the City of Keokuk, Iowa has not elected to use the 10% de minimis cost rate as covered 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) 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.