Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Pickaway Metropolitan Housing Authority (the Authority) under programs of the federal government for the year ended December 31, 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.
Expenditures reported on the Schedule are reported on the GAAP basis of accounting. Such expenditures are recognized following the cost principles contained 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.
The federal loan program listed on the Schedule of Expenditures of Federal Awards are administered directly by the Authority, and balances and transactions related to this program are included in the Authority's basic financial statements. Loan balances outstanding at the beginning of the year are includued in the federal expenditures presented in the schedule.