Notes to SEFA
The accompanying schedule of expenditures of federal and state awards includes the federal and state grant activity of The Housing Authority of the City of Fredonia, Kansas and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and Kansas. Therefore, some amounts presented in this schedule may differ from amounts presented, or used in the preparation of, the basic financial statements.
The accompanying schedule of expenditures of federal awards includes the outstanding balance at December 31, 2023 of USDA loans because the Federal Government imposes continuing compliance requirements.
The balances at December 31, 2024 for the four loans on the accompanying schedule of expenditures of federal awards are as follows: Loan #2 $112,242.96 Loan #4 $131,714.24 Loan #5 $142,353.31 Loan #6 $224,622.47
The Housing Authority of the City of Fredonia, Kansas did not elect to use the de minimis cost rate.