Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Sawyer County Housing Authority (Authority) for the year ended December 31, 2025 and is presented on the accrual basis of accounting. 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.
Expenditures reported on the Schedule are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The authority has elected not to use the 15 percent de Minimis indirect cost rate as allowed under the Uniform Guidance.
Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. The Authority has guaranteed debt in Rural Rental Housing loans in the amount of $601,602 as of December 31, 2025. The Authority had noncash assistance in the form of an interest subsidy in the amount of $46,828 from Rural Rental Housing loans during the year ended December 31, 2025.