Notes to SEFA
Title: 1. Scope of Audit Pursuant to Uniform Guidance
Accounting Policies: The Authority’s Schedule of Expenditures of Federal Awards has been prepared using the same basis of
accounting as the December 31, 2024, financial statements of the Authority. The Authority reports to HUD
using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The
Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal award
programs of the Authority. All federal awards received directly from federal agencies as well as federal
awards passed through other governmental agencies or other entities are included in the Schedule. The
Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: 2. Basis of Presentation
Accounting Policies: The Authority’s Schedule of Expenditures of Federal Awards has been prepared using the same basis of
accounting as the December 31, 2024, financial statements of the Authority. The Authority reports to HUD
using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The
Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The Authority’s Schedule of Expenditures of Federal Awards has been prepared using the same basis of
accounting as the December 31, 2024, financial statements of the Authority. The Authority reports to HUD
using the accrual basis of accounting. A complete description of the basis of accounting is included in Note
1 to those financial statements.
Title: 3. Contingencies
Accounting Policies: The Authority’s Schedule of Expenditures of Federal Awards has been prepared using the same basis of
accounting as the December 31, 2024, financial statements of the Authority. The Authority reports to HUD
using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The
Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
In connection with various federal grant programs, the Authority is obligated to administer related programs
and spend the funds in accordance with regulatory restrictions and is subject to audit by grantor agencies
and other auditors. In cases of noncompliance, the agencies involved may require the Authority to refund
program funds.
Title: 4. Public Housing Capital Fund Detail by Grant Year
Accounting Policies: The Authority’s Schedule of Expenditures of Federal Awards has been prepared using the same basis of
accounting as the December 31, 2024, financial statements of the Authority. The Authority reports to HUD
using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The
Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Identifying CFDA Total Prior Year Current Year Remaining
Number Number Grant Expenditures Expenditures Grant
UT06P007501-20 14.872 615,583 186,382 166,045 263,156
UT06P007501-22 14.872 796,328 249,415 523,534 23,379
$ 1,411,911 $ 435,797 $ 689,579 $ 286,535