Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the PHA 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 Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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.
(2) The PHA has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year presented in the Schedule under the Low Rent program and Capital Fund Programs equal the net Low Rent operating subsidy and Capital Fund Program operating and capital grants received from HUD, respectively.
De Minimis Rate Used: N
Rate Explanation: The PHA has elected not 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 PHA 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 Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the PHA 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 Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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.
(2) The PHA has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year presented in the Schedule under the Low Rent program and Capital Fund Programs equal the net Low Rent operating subsidy and Capital Fund Program operating and capital grants received from HUD, respectively.
De Minimis Rate Used: N
Rate Explanation: The PHA has elected not to use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
(1) 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.
(2) The PHA has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year presented in the Schedule under the Low Rent program and Capital Fund Programs equal the net Low Rent operating subsidy and Capital Fund Program operating and capital grants received from HUD, respectively.
Title: NOTE C - SUBRECIPIENTS
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the PHA 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 Award (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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.
(2) The PHA has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year presented in the Schedule under the Low Rent program and Capital Fund Programs equal the net Low Rent operating subsidy and Capital Fund Program operating and capital grants received from HUD, respectively.
De Minimis Rate Used: N
Rate Explanation: The PHA has elected not to use the 10 percent de minimis indirect cost rate as allowed under
the Uniform Guidance.
The PHA provided no federal awards to subrecipients during the year ended December 31, 2023.