Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Yankton Housing and Redevelopment Commission under programs of the federal government for the year ended June 30, 2025. Expenditures for the Housing Choice Voucher Program represent the amount of federal revenue recognized during the period, which includes housing assistance payments and administrative fees, in accordance with HUD guidance. 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 Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Commission.
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 Commission has elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
This represents a major federal award program.