Audit 298722

Title: SUBRECIPIENTS Accounting Policies: NOTE 1 BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards (the Schedule) includes federal award activity of the City of Norwich Housing Authority under programs of the federal government for the year ended June 30, 2023. 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 City of Norwich Housing Authority, it is not intended to and does not present financial position, change in net assets, or cash flows of the City of Norwich Housing Authority. 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The programs being administered are not condusive to the de minimis cost rate. No awards were passed through to subrecipients.