Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Monte Vista Community Center Housing Authority, Inc. did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance for the year ended December 31, 2022. In addition, the Housing Authority did not pass-through federal funds to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Monte Vista Community Center Housing Authority, Inc., under programs of the federal government for the year ended December 31, 2022. 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). Because the Schedule presents only a selected portion of the operations of Monte Vista Community Center Housing Authority, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Monte Vista Community Center Housing Authority, Inc.
Title: RURAL RENTAL HOUSING LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Monte Vista Community Center Housing Authority, Inc. did not elect to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance for the year ended December 31, 2022. In addition, the Housing Authority did not pass-through federal funds to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Rural Rental Housing Loans are administered directly by Rural Development payable by the Housing Authority. The outstanding loan balances at December 31, 2022 are included in the financial statements. The detail of loans outstanding at the beginning and end of the year are included in Note 6 of the Notes to the Financial Statements.