Notes to SEFA
Title: NOTE C U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Accounting Policies: NOTE A BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal & State Awards (the Schedule) includes the federal award activity of the PHA under programs of the federal and state government for the year ended March 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 Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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. The PHA 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 PHA has elected not to use the 10 percent de Minimis indirect cost rate as allowed under the Uniform Guidance.
In accordance with HUD guidelines, under the Section 8 Housing Choice Voucher Program; COVID-19 Section 8 Housing Choice Voucher; Mainstream Voucher Program; PIH Family Self-Sufficiency; Resident Opportunities and Supportive Services; and COVID-19 Public and Indian Housing, federal awards expended for the fiscal year equal the total program expenses. Federal awards expended for the fiscal year under the Public and Indian Housing Program and the Capital Fund Program equal the HUD operating and capital grant subsidies; and for the Section 8 New Construction federal awards expended equal the HUD operating subsidies received.