Notes to SEFA
Title: 1. BASIS OF PRESENTATION
Accounting Policies: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain typesof expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any,shown on the Schedule represent adjustments or credits made in the normal course of business to amountsreported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: 3. INDIRECT COST RATE The Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awardactivity of the Housing Authority of the County of Lake, Illinois (the Authority) under programs of thefederal government for the year ended September 30, 2021. The information in this Schedule is presentedin accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, CostPrinciples, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of the Authority, it is not intended to and does not presentthe financial position, changes in net position, or cash flows of the Authority.