Notes to SEFA
Title: Note 2-Basis of presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards (the “Schedule”) is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The Schedule includes the federal grant activity of the Authority under programs of the federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of OMB Uniform Guidance, Title 2 CFR, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards. 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.
Title: Note 4-Reconciliation of total federal awards expenditures to financial data schedule
Accounting Policies: The Schedule of Expenditures of Federal Awards (the “Schedule”) is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Reconciliation of Total Federal Awards Expenditures to Statement of Revenues, Expenses, and Net Position: See notes to SEFA for table/chart
Title: Note 5-Department of housing and urban development loan
Accounting Policies: The Schedule of Expenditures of Federal Awards (the “Schedule”) is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The loan balance outstanding at the beginning of the period is included in the federal expenditures presented in the Schedule. The balance of the loan outstanding at June 30, 2023 was $21,886,669.