Notes to SEFA
The Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as HRHA's financial statements. HRHA complies with the basis of accounting required by HUD.
The (*) to the right of an ALN identifies the grant as a major federal program as defined by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
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.
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.
The Authority has not elected to use the 15-percent de minimis indirect cost rate as allowed under Uniform Guidance.