Notes to SEFA
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards ("SEFA") includes the federal grant activity of the Housing Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basis financial statements. The Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance as the Authority uses a fee approach as required by the U.S. Department of HUD. There were no subrecipients in the current year. Low Rent expenditures represent the current year of operating subsidy from HUD.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.