Notes to SEFA
Accounting Policies: (1) Summary of Significant Accounting Policies Applicable to the Schedule of Expenditures of Federal AwardsScope of PresentationThe accompanying schedule presents the expenditures incurred (and related awards received) by the Independence Housing Authority that are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule.Basis of AccountingThe expenditures included in the accompanying schedule were reported on the accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.Indirect Cost RateThe Authority elected to use the 10% de minimums indirect cost rate as allowed in the Uniform Guidance, section 414.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.