Notes to SEFA
Accounting Policies: Note 1Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal award activity of Housing Authority of Hazard, under programs of the federal government for the year ended September 30, 2022 in accordance with the requirements of Title 2 U.S. code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Housing Authority of Hazard, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Housing Authority of Hazard. Note 2Summary 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 Uniform Guidance*, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Housing Authority of Hazard has not elected to use the 10 percent de minimus indirect cost rate as allowed under Uniform Guidance. *Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87 Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Due to formatting restrictions in the FAC database, the text input in this item may not convey the full meaning of the Notes to the SEFA. Users should refer to the reporting package to view the text as intended.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.