Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activityof Grundy County Public Housing Agency and presents expenditures on the accrual basis ofaccounting, except for subsidy programs, which follows REAC PHA - Financial Accounting Brief - Accounting Issue #10, which defines a Federal expenditure expended for single auditpurposes as when dollars are received. The information in this schedule is presented in accordance with Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.