Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATIONThe accompanying Schedule of Federal Awards (the Schedule) includes the federal grant of the City of Manistee Housing Commission under programs of the federal government for the year ended December 31, 2021. The information in the 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. Because the schedule presents only a selected portion of the operations of the City of Manistee Housing Commission, it is not intended to and does not present the financial position or change in net position of the City of Manistee Housing Commission.NOTE 2 - SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.NOTE 3 - SUBRECIPIENT AWARDSOf the federal expenditures presented in the schedule, City of Manistee Housing Commission did not provide federal awards to subrecipients.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.