Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Twin Falls Housing Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Compliance Supplement. Because the schedule presents only a selected portion of the Authority, it is not intended to, and does not present the financial position, changes in net assets or cash flows of the Authority. The Authority reporting entity is defined in Note 1 to the Authority’s financial statements. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
The Schedule of Expenditures of Federal Awards is a summary of activities related to the Authority’s expenditures of federal awards. The schedule has been presented on the same basis of accounting as the financial statements. Most of the awards are reimbursement based. Therefore, as expenditures of federal funds are made, revenue is recognized.
Graph of Capital Grants expenditures by year