Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the City of Lockport Housing Authority under programs of the federal government for the year ended March 31, 2025. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations 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 of the City of Lockport Housing Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.
Title: Summary of Significant Accounting Policies
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Costs
Accounting Policies: Accrual Basis
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented.
Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The Authority did not elect to use the 10 per cent de minimus indirect cost rate as permitted under Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented.