Audit 301780

Title: NOTE 1 - BASIS OF PRESENTATION Accounting Policies: PREPARED ON ACCRUAL BASIS OF ACCOUNTING De Minimis Rate Used: N Rate Explanation: AUDITED INDIRECT COST RATE The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Accomack-Northampton Regional Housing Authority 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 (CFR) 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, change in net position or cash flows of the Authority.

Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: PREPARED ON ACCRUAL BASIS OF ACCOUNTING De Minimis Rate Used: N Rate Explanation: AUDITED INDIRECT COST RATE 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.