Notes to SEFA
Accounting Policies: NOTE 1: BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes
the federal award activity of Portsmouth Metropolitan Housing Authority (the
Authority) under programs of the federal government for the year ended June 30, 2023.
The information on this Schedule is prepared in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (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 position, or cash flows of the Authority.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures contained in Uniform Guidance wherein certain types of
Expenditures may or may not be allowable or may be limited as to reimbursement.
NOTE 3: INDIRECT COST RATE
The Authority has elected not to use the 10-percent de minimis indirect cost rate as
allowed under the Uniform Guidance.
NOTE 4: SUBRECIPIENTS
The Authority provided no federal awards to subrecipients during the year ended June 30,
2023.
NOTE 5: DISCLOSURE OF OTHER FORMS OF ASSISTANCE
The Authority received no federal awards on non-monetary assistance that are required to
be disclosed for the year ended June 30, 2023.
The Authority had no loans, loan guarantees, or federally restricted endowment funds
required to be disclosed for the year ended June 30, 2023.
De Minimis Rate Used: N
Rate Explanation: NA