Audit 318212

Title: Note 1. Basis of Presentation Accounting Policies: Note 2. Summary of Significant Accounting Principles a.) 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: Note 2. Summary of Significant Accounting Principles b.) The St. Louis Park Housing Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the St. Louis Park Housing Authority under programs of the federal government for the year ended December 31, 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 for Federal Awards (Uniform Guidance.) Because the Schedule presents only a selected portion of the operations of the St. Louis Park Housing Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the St. Louis Park Housing Authority.

Title: Note 3. Section 8 Housing Choice Vouchers - Portability Vouchers Accounting Policies: Note 2. Summary of Significant Accounting Principles a.) 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: Note 2. Summary of Significant Accounting Principles b.) The St. Louis Park Housing Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. As part of its Section 8 Housing Choice Vouchers Program, the St. Louis Park Housing Authority administered portable vouchers totaling $158,449 and related administration fees totaling $18,567 as the receiving public housing authority (PHA) for various other initial PHAs throughout the United States. The St. Louis Park Housing Authority does not consider these amounts received from the initial PHAs to be subrecipient payments, and therefore are excluded from the Section 8 Housing Choice Vouchers Program amount above.