Audit 308582

Accounting Policies: NOTE 1 – BASIS OF PRESENTATION The accompanying Schedule of Federal Awards Expenditures, (the Schedule), is a summary of the activity of the Vinton Metropolitan Housing Authority’s federal award programs for the year end September 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 The Schedule has been prepared on the accrual basis of accounting as required by accounting principles generally accepted in the United States of America. 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 for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the basic financial statements. De Minimis Rate Used: N Rate Explanation: 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.