Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of the Housing Authority of the Town of Laurinburg under the programs of the federal government for the year ended Jane 30, 2022. The information in this SEFA is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administration Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of Housing Authority of the Town of Laurinburg, it is not intended to and does not present the financial position, changes in net position or cash flows of Housing Authority of the Town of Laurinburg.Expenditures reported in the SEFA are reported on the modified 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.