Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal grant activity of the Burnett County Housing Authority(Housing Authority) under programs of the federal government for the year ended June 30, 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 Housing Authority it is not intended to and does not present the financial position, changes in net position or cash flows of the Housing 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. The Housing Authority did not elect to use the 10% de minimis indirect cost rate as covered in section 200.414 of the Uniform Guidance for Federal Awards.
No federal awards were passed through to subrecipients during the year ended June 30, 2025.
The Rural Rental Housing Loans are considered a major program when the outstanding balance is greater than $750,000. As of June 30, 2025, the Housing Authority of the County of Burnett loan balance was $768,288