Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of Village ofNew Square Public Housing Authority (the "Authority") under programs of the federal government for the year ended March 31,2025 . The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations 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 Village of New Square PublicHousing Authority , it is not intended to and does not present the financial position, changes in net position, or cash flows of Village of New Square Public Housing Authority .
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The Authority has elected not to use the 10 percent de minimus cost rate as allowed under the Uniform Guidance.
No insurance is carried specifically to cover equipment purchased with federal funds. Any equipment purchased with federalfunds has only a nominal value and is covered by the Authority's casualty insurance policies.
The expenditures presented in the Schedule of Expenditures of Federal Awards reconcile to the federal aid reported in theStatement of Revenues, Expenses, and Changes in Net Position as follows: