Notes to SEFA
Title: Note 2
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepare on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the de minimis indirect cost rate.
An extensive compliance test, as required by the Single Audit Act of 1996, was performed on the Section 8 Housing Choice Vouchers program which represents 82% of the total expenditures reflected on the Schedule of Federal Financial Assistance. The 20% of coverage test was satisfied as follows: Section 8 Housing Choice Vouchers $2,271,060; Public and Indian Housing $354,249; Mainstream Vouchers $97,328; Public Housing Capital Fund $44,562. Total $2,767,199 X 20%=$553,440 which is the minimum amount which must be tested.
Title: Note 4
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepare on the accrual basis of accounting. Revenues were adjusted to balance the expenditures incurred for each project.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the de minimis indirect cost rate.
The Authority has no subrecipients.