Notes to SEFA
Title: Note C - Sub-Recipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Southwest Housing Compliance Corporation and is presented on the accrual basis of accounting. The information on 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. Therefore, the amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended March 31, 2022, SHCC had no sub-recipients.
Title: Note D - Noncash Assistance and Other
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Southwest Housing Compliance Corporation and is presented on the accrual basis of accounting. The information on 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. Therefore, the amounts presented in this schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SHCC did not receive any noncash assistance, federal loans, or federally funded insurance during the year ended March 31, 2022.