Notes to SEFA
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. Those federal programs presenting negative amounts on the Schedule are the result of adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
In preparing the financial statements, the South Plains Regional Housing Authority has evaluated events and transactions for potential disclosure through December 8, 2025, the date the financial statements are available to be issued. Management is not aware of any events that have occurred subsequent to June 30, 2025 that would require disclosure.