Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Dane County Housing Authority (Authority) under programs of the federal government for the year ended December 31, 2021. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority. The reporting entity for the Authority is based upon criteria established by the Governmental Accounting Standards Board. The Authority is the primary government according to GASB criteria, while the Dane County Housing Redevelopment, LLC (LLC) is a component unit. Federal awards received directly by the LLC is not included in this report since the LLC has been separately audited for its grants and those amounts are reported in a separate report. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures 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. The accounting records for all grant programs are maintained on the accrual basis, i.e., when the revenue has been earned and the liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.