Notes to SEFA
Accounting Policies: NOTE 1: PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the
federal award activity of the Harrison Metropolitan Housing Authority under programs of the
federal government for the year ended March 31, 2023. 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 the Harrison Metropolitan Housing Authority, it is not intended to and does
not present the financial position, changes in net position, or cash flows of Harrison
Metropolitan Housing Authority.
NOTE 2: SUMMARY OF SIGNIFICANT 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 to reimbursement.
NOTE 3: INDIRECT COST RATE
The Harrison Metropolitan Housing Authority has elected not to use the 10 percent de
minimis indirect cost rate allowed under the Uniform Guidance.
NOTE 4: COMPONENT UNIT
There were no federal expenditures for the component unit, Enterprise Housing Property
Preservation, L.L.C.
NOTE 5: LOAN PROGRAMS WITH CONTINUING COMPLIANCE REQUIREMENTS
The federal loan programs listed below are administered directly by the Authority, and balances
and transactions relating to these programs are included in the Authority s basic financial
statements. Loans outstanding at the beginning of the year and loans made during the year are
included in the federal expenditures presented in the Schedule. The balances of loans
outstanding at March 31, 2023 consist of:
Assistance Listing Outstanding Balance at
Number Program Cluster Name March 31, 2023
10.415 Rural Rental Housing Loans $535,171
De Minimis Rate Used: N
Rate Explanation: N/A