Notes to SEFA
Scope of Presentation The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the expenditures incurred (and related awards received) by Village Communities of Texarkana, Texas (the Authority) that are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule. Basis of Presentation The accompanying SEFA includes the federal award activity of the Authority under programs of the federal government for the year ended December 31, 2024. The information in this SEFA is presented in accordance with the requirements of 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 SEFA presents only a selected portion of the operations of the Authority, it is not intended to, and does not, present the financial position or changes in net position of the Authority. Basis of Accounting The expenditures included in the accompanying schedule were reported on an accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. Sub‐Recipients During the year ended December 31, 2024, the Authority made no payments to sub recipients. Indirect Cost Rate For the year ended December 31, 2024, the Authority has elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414. No indirect costs were charged to federal awards.