Audit 26513

Accounting Policies: Note 1. Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Municipal Housing Authority of the City of Schenectady 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 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Municipal Housing Authority of the City of Schenectady, it is not intended to, and does not, present the financial position or changes in net position of the Municipal Housing Authority of the City of Schenectady. Note 2. Summary of Significant Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. Note 3. Sub-recipients: Of the federal expenditures presented in the Schedule, the Municipal Housing Authority of the City of Schenectady did not provide any to subrecipients. Note 4. Reconciliation to Financial Statements: The federal expenditures presented in the Schedule reconcile to the Federal revenue reported in the Statement of Revenues, Expenses and Changes in Net Position as follows: Federal Expenditures as reported in the SEFA $17,970,874. Reconciling Items: None -. Government Operating Grants as reported in the Statement of Revenues, Expenses and Changes in Net Position $17,970,874. Note 5. Indirect Cost Rate: The Municipal Housing Authority of the City of Schenectady has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.