Audit 312062

Accounting Policies: BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Municipality underprograms of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordancewith 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 this schedule may differfrom the amounts presented in, or used in the preparation of, the basic financial statements. Because the schedule presents onlya selected portion of the operations of the Municipality, it is not intended to and does not present the financial position and changesin net position of the Municipality.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified accrual basis of accounting. Expenditures are recognizedwhen the related liability is incurred, following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. Expenditures for the following programs are recognized basedon other unique requirements:? Section 8 Housing Choice Voucher Program (HCV). Expenditures are reported on a statutory basis as required by theU.S. Department of Housing and Urban Development. Such expenditures should equal the net ACC subsidy for the PHAsfiscal period.? Public assistance grants (FEMA). Expenditures are recognized in the period when: (1) FEMA has approved the PW,and (2) eligible expenditures are incurred.? Loans or loans guarantee programs. Expenditures equal the value of new loans made or received during the auditperiod plus the beginning of the audit period balance of outstanding loans from previous years for which the federalgovernment imposes continuing compliance requirements. For loans with no imposed continuing compliancerequirements, expenditures are recognized when the related costs financed with loan proceeds are incurred.3. ASSISTANCE LISTING NUMBER AND PASS-THROUGH ENTITY IDENTIFYING NUMBERThe Assistance Listing Number (ALN), formerly known as the Catalog of Federal Domestic Assistance (CFDA) Number, is afive-digit number assigned in the awarding document for all federal assistance award mechanisms, including federal grants andcooperative agreements. Assistance listings are detailed public descriptions of federal programs that provide grants, loans,scholarships, insurance, and other types of assistance awards. The Sam.gov assistance listing is the publicly available onlinedatabase showing all available Federally-funded programs.State or local government redistributions of federal awards to the Municipality, known as passthrough awards, should betreated by the Municipality as though they were received directly from the federal government. The Uniform Guidance requiresthe schedule to include the name of the passthrough entity and the identifying number assigned by the passthrough entity forthe federal awards received as a sub recipient. Numbers identified as N/A are not applicable and numbers identified as N/AVare not available. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.