Notes to SEFA
Accounting Policies: 1. The Schedule of Expenditures of Federal Awards presents the activities of the federal award programs expended by the Housing Authority of the City of San Luis Obispo for the fiscal year ended September 30, 2022. The Housing Authority of the City of San Luis Obispo reporting entity is defined in Note 1 to the financial statements. 2. The information of this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Costs 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 San Luis Obispo, it is not intended to and does not present the financial position, changes in net position, or cash flows of the entire operations of the Housing Authority of the City of San Luis Obispo. 3. The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting. This is the same basis of accounting as was used in the preparation of the Authority's basic financial statements. 4. Amounts reported on the Schedule agree or can be reconciled with amounts reported in the Authority's basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.