Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The schedule of expenditures of federal awards is presented on the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to charge the 10% de minimis indirect cost rate to its federal award programs.
The accompanying schedule presents expenditures paid for each federal award program in accordance with the Office of Management and Budget (OMB) Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal programs are reported as presented in the Catalog of Federal Domestic Assistance (CFDA), whenever possible.
Title: Contingencies
Accounting Policies: The schedule of expenditures of federal awards is presented on the full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Commission has elected not to charge the 10% de minimis indirect cost rate to its federal award programs.
During the normal course of business, the Housing Authority receives funds from the United States Government for program services. Substantially all of these funds are subject to future audit by the U. S. Department of Housing and Urban Development, however, it is management’s opinion that resulting adjustments, if any, would not have a material effect upon the accompanying financial statements.