Notes to SEFA
Title: Major Programs
Accounting Policies: The Schedule of Financial Assistance is prepared on the GAAP basis of accounting.
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 theUniform Guidance.
Title: Award Balance
Accounting Policies: The Schedule of Financial Assistance is prepared on the GAAP basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
On the Section 8/Certificate program, the Authority receives annual funds based on an annual estimate of need. Unexpended grant funds are available to meet subsequent year HAP shortfalls.
Title: Program Costs
Accounting Policies: The Schedule of Financial Assistance is prepared on the GAAP basis of accounting.
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 the Housing Authority's portion, may be more thanshown.