Audit 23742

Title: Basis of Presentation Accounting Policies: All Federal grant operations of Wilmington Housing Authoritys (the Authority) are included in the scope of Title 2 U.S. Code of Federal Regulations part 200, Uniform Administration Requirement, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit). The Single Audit was performed in accordance with the provisions of the U.S. Management of Budget OMB Compliance Supplement (the Compliance Supplement). Compliance testing of all requirements, as described in the Compliance Supplement, was performed for the grant program noted below. This program represents Federal award programs for fiscal year 2022 cash and non-cash expenditures to ensure coverage of at least 20% of federally granted funds. Actual coverage is approximately 28% of total cash and non-cash Federal award program expenditures.Expenditures reported on the schedule of expenditures of Federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following 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 (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures are also subject to audit by the relevant Federal agency. In the opinion of management, disallowed costs, if any, from such audits will not have a material effect on this Schedule or the financial position of the Authority. Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Major Program: U.S. Department of Housing and Urban Development: Public and Indian Housing/Low Rent Public Housing - Federal Assistance Listing: 14.850 - Federal Expenditures $8,476,516 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying schedule of expenditures of Federal awards (the Schedule) includes the Federal award activity of the Authority under programs of the Federal government for the year ended March 31, 2022. The information in this Schedule is presented in accordance with the requirements of Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.