Notes to SEFA
Accounting Policies: Note A Basis of Presentation The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activityof the Housing Authority of Billings, Montana (the Authority) under programs of the federal government for theyear ended June 30, 2022. The information is presented in accordance with the requirements of Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion ofthe operations of the Authority, it is not intended to and does not present the financial position, changes in netposition, or cash flows of the Authority. Note B Summary of Significant Accounting Policies Expenditures reported in the schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance. No federal financial assistance hasbeen provided to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.