Notes to SEFA
Accounting Policies: Note A - Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal grant activity of theHousing Authority of the County of Howard, and is presented on the accrual basis and in conformitywith generally accepted accounting principles accepted in the United States of America. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards.Note B - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.Note C - Indirect Cost RateThe Housing Authority of the County of Howard has elected not to use the 10% de minimis indirect cost rateallowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.