Notes to SEFA
Major program
The accompany ing schedule of expenditures of federal aw ards includes the federal award activ ity of the Wise County Redev elopment and Housing Authority under programs of the federal government for the year ended September 30, 2025. 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 Authority , it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority .
Outstanding Loan Balance
Ex penditures 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 ty pes of ex penditures are not allowable or are limited as to reimbursement.
Amounts reported in the accompany ing schedule agree with the amounts reported in the related federal financial reports ex cept for changes made to reflect amounts in accordance w ith generally accepted accounting principles.
The Authority did not elect to use the 10% de minimus cost rate.