Notes to SEFA
The schedule of expenditures of federal awards includes the federal award activity of Kodiak Island Housing Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with requirement 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 of expenditures of federal awards presents only a selected portion of the operation of Kodiak Island Housing Authority, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of Kodiak Island Housing Authority.
Expenditures reported on the Schedule of Expenditures of Financial Awards are reported on the modified 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.
Kodiak Island Housing Authority does not use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.