Notes to SEFA
Basis of Accounting - The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal grant activity of the Housing Commission under programs of the federal government for the year ended September 30, 2025. Expenditures reported on the Schedule are reported on the same basis of accounting as the basic financial statements, although the basis for determining when federal awards are expended is presented in accordance with the requirements of the Uniform Guidance, Audit of States, Local Governments, and Non-Profit Organizations. In addition, expenditures reported on the Schedule are recognized following the cost principles contained in Single Audit Act Amendments of 1996 and Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of the financial statements. The Housing Commission has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs, as allowed under the Uniform Guidance. The Housing Commission does not pass funds through to sub recipients. Because the Schedule presents only a selected portion of the operations of the Housing Commission, it is not intended to and does not present the financial position, changes in net assets, or cash flows, if applicable, of the Housing Commission.