Audit 22392

Accounting Policies: Note A Single Audit RequirementsIn July 1996, the Single Audit Act Amendments of 1996 (1996 Act) were enacted and superseded the Single Audit Act of 1984. In June 1997 OMB issued a revised Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, to implement the changes from the 1996 Act and to rescind Circular A-128. On 06/27/2003 OMB Circular A-133 was revised for fiscal years ending 12/31/2003 and forward. For 2015 and forward OMB Circular A-133 has been superseded in its entirety by OMBs Uniform Administrative Requirements, Cost Principles, and Audit Requirement for Federal Awards (Uniform Guidance) which changes the single audit threshold to $750,000.The funds used to account for these funds use the accrual basis of accounting.1.)GeneralThe accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs of the Housing Authority. The Housing Authority reporting entity is defined in Note 1 to the Housing Authoritys basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other governmental agencies, are included on the schedule.2.)Basis of AccountingThe accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Housing Authoritys basic financial statements.3.)Relationship to Basic Financial StatementsFederal award revenues are reported in the Housing Authoritys basic financial statements as follows: Capital Fund Grant$37,303 Public & Indian Housing661,188 Public Housing Cares Act79,250 Total$777,741Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports except for changes made to reflect amounts in accordance with U.S. generally accepted accounting principles.4.)Federal AwardsIn accordance with HUD Notice PIH 98-14, federal awards do not include the Housing Authoritys operating income from rents or investments (or other non-federal sources). In addition, the entire amount of operating subsidy received during the fiscal year is considered to be expended during the fiscal year.Presented for purposes of additional analysis only. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.