Audit 19628

Title: Statement and Certification of Capital Fund Grant Cost for Annual Contribut Accounting Policies: The accompanying schedule of expenditures of federal and State awards includes the federal and State grant activity of the City of Concord, North Carolina and is presented on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The information in this schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards and The State Single Audit Implementation Act. Therefore, some amounts presented in this schedule may differ from amount s presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Statement and Certification of Capital Fund Grant Cost for Annual Contributions Contract A-32491. The Actual Capital Fund Program Costs were as follows:NC19P00850118Funds Approved $ 3 19,405Funds Expended 3 19,405Excess of Funds Approved $ 0Funds Advanced:HUD Grants $ 3 19,405Funds Expended 3 19,405Excess of Funds Advanced $ 02. The distribution of costs as shown on the Annual Statement of Performance Evaluation Report, supported by the Actual Modernization Cost Certificatesubmitted to HUD for approval, is in agreement with the PHA's records.3. All capital fund program costs have been paid and all related liabilities have been discharged through payment.