Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal grant activity of the Authority under programs of the federal government for the year ended June 30, 2022. The information in the 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 (Uniform Guidance). Because the Schedule presents only a selected portion of 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. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the financial statements.
Title: Reimbursement Based Grants
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The United States Department of Housing and Urban Development's Real Estate Assessment Center (REAC) has interpreted federal awards expended for Single Audit determination purposes to be reported as follows:(1) For subsidy programs (Low Rent and Section 8), federal awards expended would equal the net Annual Contributions Contract (ACC) subsidy for the Authority's fiscal period under audit. Specifically, the net Low Rent operating subsidy received and the net Section 8 (Voucher or Certificate) dollars received, net of year-end adjustments, by the Authority would be the federal awards expended for the fiscal period under audit. (2) For grant programs, federal awards expended would equal the Authority disbursements for allowable costs for that specific grant made within the fiscal period under audit (this would include disbursements charged against the grant award and program income).In accordance with the above guidance, the Authority reports the program grant revenue on Schedule for the following programs: ALN #14.850 Public and Indian Housing Program, ALN #14.872 Public Housing Capital Fund Program, ALN #14.850 Public and Indian Housing Program, ALN #14.892 Choice Neighborhood Planning Grant, ALN #14.896 Family Self Sufficiency, ALN #14.249 Section 8 Moderate Rehabilitation Single Room Occupancy, and ALN #14.856 Lower Income Housing Assistance Program - Section 8 Moderate Rehabilitation.