Notes to SEFA
This schedule is prepared on the same basis of accounting as the Housing Authority of Island County's financial statements. The Housing Authority of Island County uses the accrual basis of accounting.
The Authority has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Housing Authority of Island County's portion, are more than shown.
This schedule reflects the use of revenues rather than actual expenditures for Section 8 and Public Housing (HUD programs), other programs are actual expenditures.
Expenditures are recognized following cost principals contained in the 0MB Circular - A87 and Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.