Notes to SEFA
Accounting Policies: Note 1 - Basis of presentationThe accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) includes the federal and state award activity of the Housing Authority of the County of Winnebago (Authority) and River Cities Redevelopment, LLC (LLC) for the year ended December 31, 2021 and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Guidelines. Because the Schedule presents only a selected portion of the operations of the Authority and the LLC, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority or LLC.Note 2 - Summary of significant accounting policiesExpenditures reported on the Schedule are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.