Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Authority under programs of the federal government for the year ended June 30, 2025. 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 Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.
The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. This is the same method of accounting as was used in the preparation of the Authority’s basic financial statements.
The Authority did not pass-through any federal awards to subrecipients during the fiscal year ended June 30, 2025.
Per compliance requirements, the $1,611,247 of Rural Rental Assistance Program (CFDA #10.427) expenditures include the balance of the debt ($1,221,134) outstanding at June 30, 2025.
The Authority did not elect to use the 10% de minimis indirect cost rate during the year ended June 30, 2025.