Notes to SEFA
Community Development Block Grants (CDBG)/Entitlement Program funds passed through the City of Modesto. These funds represent federal assistance provided under the CDBG Entitlement Program to support eligible community development activities benefiting low- and moderate-income households. Amounts reported on the SEFA represent expenditures incurred during the fiscal year ended September 30, 2024, in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 200.502. The Housing Authority is considered a subrecipient of the City of Modesto for these funds. The outstanding loan balance was $440,253 as of September 30, 2024.
The Schedule of Expenditures of Federal Awards presents the activities of the federal award programs expended by the Housing Authority for the fiscal year ended September 30, 2024. The Housing Authority’s reporting entity is defined in Note 1 to the financial statements
The information on this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Costs 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 entire operations of the Housing Authority.
The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. This is the same basis of accounting as was used in the preparation of the Housing Authority’s basic financial statements.
Amounts reported on the Schedule agree or can be reconciled with amounts reported in the Housing Authority’s basic financial statements.