Notes to SEFA
The information in the Schedule of Expenditures of Federal Awards (Schedule) adheres to the requirements of Subpart F of the Uniform Guidance. Some amounts presented in this Schedule may vary from amounts presented in, or used in, the preparation of the basic financial statements. Because the Schedule presents only a selected portion of the operations of OHFA, it is not intended to and does not present the financial position, changes in net position, or cash flows of OHFA. OHFA reports the Schedule by both Federal Agency and Federal Program. The Schedule reports total disbursements for each federal financial assistance program, as listed in the Assistance Listing (AL). Also, the Schedule reports funds, if any, considered pass-through funds.
The Schedule uses the accrual basis of accounting wherein revenues are recognized when earned and expenses when incurred. 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. Restricted Net Position Net position is restricted for allowable federal program expenditures. Administrative Fees OHFA does not use the De Minimis cost rate for billing indirect costs.
OHFA passes certain federal awards received from the Department of Treasury to other governments or not-for-profit agencies (subrecipients). As Note 2 describes, OHFA reports expenditures of federal awards to subrecipients on an accrual basis. OHFA has certain compliance responsibilities, such as monitoring subrecipients, to help assure they use these subawards as authorized by laws, regulations, and the provisions of contracts or grant agreements, and that subrecipients achieve the award’s performance goals. Of the federal expenditures presented in the Schedule, OHFA provided federal awards to the Homeowner Assistance Fund program in the amount of $1,194,486 to subrecipients.