Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Net position is restricted for allowable federal program expenditures.
De Minimis Rate Used: N
Rate Explanation: OHFA does not use the 10% De Minimis cost rate for billing indirect costs.
The information in this schedule adheres to the requirements of Subpart F of the Uniform Grant Guidance. Some amounts presented in this schedule may vary from amounts presented in, or used in the preparation of, the basic financial statements. The Schedule uses the accrual basis of accounting wherein revenues are recognized when earned and expenses when incurred.
Uniform Guidance, requires a Schedule of Expenditures of Federal Awards (Schedule). OHFA reports this information by both Federal Agency and Federal Program.
The Schedule reports total disbursements for each federal financial assistance program, as listed in the Assistance Listings (AL). Also, the Schedule reports funds, if any, considered pass-through funds.
Title: Subrecipients
Accounting Policies: Net position is restricted for allowable federal program expenditures.
De Minimis Rate Used: N
Rate Explanation: OHFA does not use the 10% De Minimis cost rate for billing indirect costs.
OHFA passes certain federal awards received from the Department of Treasury to other governments or not-for-profit agencies (subrecipients). As Note 1 describes, OHFA reports expenditures of federal awards to subrecipients on an accrual basis.
OHFA has certain compliance responsibilities, such as monitoring subrecipients to help assure they use these subawards as authorized by laws, regulations, and the provisions of contracts or grant agreements, and that subrecipients achieve the award’s performance goals.
Of the federal expenditures presented in the Schedule, OHFA provided federal awards to the Homeowner Assistance Fund program in the amount of $26,858,146 to subrecipients.