Audit 15787

Accounting Policies: Scope of Presentation: The accompanying schedule presents the expenditures incurred (and related awards received) by Newbern Housing Authority (Authority) that are reimbursed under federal programs of federal agencies providing financial assistance. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal funds are reported in the accompanying schedule. Program expenditures in excess of the maximum federal reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule. Basis of Accounting: The expenditures included in the accompanying schedule were prepared on an accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. De Minimis Rate Used: N Rate Explanation: Scope of Presentation: The accompanying schedule presents the expenditures incurred (and related awards received) by Newbern Housing Authority (Authority) that are reimbursed under federal programs of federal agencies providing financial assistance. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal funds are reported in the accompanying schedule. Program expenditures in excess of the maximum federal reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule. Basis of Accounting: The expenditures included in the accompanying schedule were prepared on an accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program.