Audit 176687

Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includesthe federal award activity of the Montgomery Housing Authority (the Authority) underprograms of the federal government for the year ended March 31, 2022. The informationin this Schedule is presented in accordance with the requirements of 2 CFR Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the Authority, it is not intended to and does not present thefinancial position, changes in net position, or cash flows of the Authority.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limitedas to reimbursement. Negative amounts shown on the Schedule represent adjustments orcredits made in the normal course of business to amounts reported as expenditures inprior years.NOTE 3 INDIRECT COST RATEThe Authority has not elected to use the 10-percent de minimis indirect cost rate asallowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.