Notes to SEFA
Major program
The accompanying schedule of expenditures of federal awards includes the activity of Norton Redevelopment and 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 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
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
Amounts reported in the accompanying schedule agree with amounts reported in the related federal financial reports except for changes made to reflect amounts in accordance with generally accepted principles.
The Authority did not elect to use a 10% de minimus indirect cost rate allowed under section 2 CFR 200.33(a)(4).