Audit 322010

Title: Basis of Presentation Accounting Policies: The Authority did not make an election to use the ten percent de Minimis cost rate as allowed for in the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Authority did not make an election to use the ten percent de Minimis cost rate as allowed for in the Uniform Guidance. The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of the City of Floydada, Texas for the year ended December 31, 2023, and is presented on the accrual basis of accounting. The information in this 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.

Title: Summary of Significant Accounting Policies Accounting Policies: The Authority did not make an election to use the ten percent de Minimis cost rate as allowed for in the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Authority did not make an election to use the ten percent de Minimis cost rate as allowed for in the Uniform Guidance. The Authority did not make an election to use the ten percent de Minimis cost rate as allowed for in the Uniform Guidance.