Notes to SEFA
Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal award activityof Southwest Regional Housing and Community Development Corporation under programs of thefederal government for the year ended December 31, 2022. The information in this schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance) Because the schedule presents only a selected portion of theoperations of Southwest Regional Housing and Community Development Corporation, it is notintended to and does not present the financial position, changes in net assets, or cash flows ofSouthwest Regional Housing and Community Development Corporation.Note 2. Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the accrual basis of accounting. Suchexpenditures 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.Negative amounts shown on the schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in the prior years. Southwest RegionalHousing and Community Development Corporation has elected not to use the 10-percent deMinimis indirect cost rate as allowed under the Uniform Guidance.Note 3. Loans OutstandingSouthwest Regional Housing and Community Development Corporation has no loans outstandingas of December 31, 2022.Note 4. SubrecipientsOf the federal expenditures presented in the schedule, Southwest Regional Housing andCommunity Development Corporation provided no federal awards to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.