Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Housing Authority of the Village of Oak Park under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the operations of the Housing Authority of the Village of Oak Park, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Housing Authority of the Village of Oak Park.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Housing Authority of the Village of Oak Park has elected not to use the I 0% de minimis interest cost rate as allowed under the Uniform Guidance.
The Authority did not provide any federal awards to subrecipients.
There were no non-cash assistance, insurance, loans or loan guarantees outstanding as of and for the year ended December 31, 2023.