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 the Adams Metropolitan Housing Authority under programs of the Federal government
for the year ended September 30, 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 Requirementsfor FederalAwards (Uniform Guidance). Because
ofSchedule presents only a selected portion of the operations of Adams Metropolitan Housing
Authority, it is not intended to and does not present the fmancial position, changes in net
position, or cash flows of Adams Metropolitan Housing Authority.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures repo1ied on the Schedule are repmied on the GAAP 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.
NOTE 3: INDIRECT COST RATE
Adams Metropolitan Housing Authority has elected not to use the IO percent de minimis
indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A