Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of San Ildefonso Housing Authority (the “Housing Authority”) under programs of the federal government for the year ended December 31, 2024. The information in this Schedule 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 Schedule presents only a selected portion of the operations of the Housing Authority, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Housing Authority.
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.
Federal awards to the Housing Authority by a federal granting agency or may be granted to other government agencies which pass-through federal awards to the Housing Authority. The schedule includes both of these types of federal award programs when they occur.
The Housing Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.