Notes to SEFA
Title: Major Programs
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting asHRHA's financial statements. HRHA complies with the basis of accounting required by HUD.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The (*) to the right of a CFDA number identifies the grant as a major federal program as defined by 0MB Uniform Guidance.
Title: Award Balance
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting asHRHA's financial statements. HRHA complies with the basis of accounting required by HUD.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In the Housing Choice Voucher Program, HRHA receives annual funds based on an annual estimate of need. An adjustment is no longer made with HUD subsequent to closing the books to settle any monies owed by or to HUD subsequent Notice PIH 2006-03. Unexpended grant funds are held as restricted fund balances in accordance with GAAP, and are available to meet subsequent year HAP shortfalls.
Title: Program Costs
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting asHRHA's financial statements. HRHA complies with the basis of accounting required by HUD.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts shown as current year expenditures represent only the federal portion of the actual program costs. Actual program costs, including HRHA's portion, may be more than shown.