Notes to SEFA
Accounting Policies: Note 1 - Summary of Significant Accounting Policies to the Schedule of Expenditures of Federal AwardsA.) Scope of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) presents the expendituresincurred (and related awards received) by the Housing Authority of the County of Lawrence (The Authority) thatare reimbursable under federal programs of federal agencies providing financial assistance awards. For thepurposes of this schedule, only the portion of program expenditures reimbursable with such federal funds arereported in the accompanying schedule. Program expenditures in excess of the maximum federal or statereimbursement authorized or the portion of the program expenditures that were funded with, state, local or othernonfederal funds are excluded from the accompanying schedule.B.) Basis of AccountingThe expenditures included in the accompanying schedule were reported on the accrual basis of accounting .Expenditures are recognized in the accounting period in which the related liability is incurred . Expendituresreported included any property or equipment acquisitions incurred under the federal program.The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present thefinancial position or results of operations of Housing Authority of the County of Lawrence.C.) SubrecipientsDuring the fiscal year ended December 31, 2021, Housing Authority of the County of Lawrence disbursed noFederal funds to subrecipients.D.) 10% De Minimis Indirect Costs RateThe Authority did not elect to use the 10% de minimis indirect costs rate as allowed by Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.