Notes to SEFA
Title: Reporting Guidance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles forState, Local and Indian Tribal Governments, wherein certain types of expendituresare not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Presque Isle Housing Authority has not elected to use the 10 percent deminimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards has been preparedfollowing the guidance provided by the U.S. Department of Housing and Urban Developments Real Estate Assessment Center (REAC).