Audit 322550

Title: General Accounting Policies: The expenses reported on the Schedule are presented using the accrual basis of accounting, the method used to prepare the Housing Board’s basic financial statements. Note 1 of the Housing Board’s basic financial statements describes the significant accounting policies used by the Housing Board. Such expenses are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Housing Board has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of all federal awards programs of the Housing Board (the “Housing Board”), for the year ended December 31, 2023. Because the schedule presents only a selected portion of the operations of the Housing Board, it is not intended to and doesn't present the financial position, changes in net position, or cash flows of the Housing Board. Federal awards received directly from federal agencies are designated as “Direct Program”. Any federal awards passed through from other grantor agencies, if any, are designated as “Pass-through” on the Schedule. The information in the 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). The amounts presented in the Schedule agree to the amounts presented in, or used in the preparation of, the basic financial statements.

Title: Summary of Significant Accounting Policies Accounting Policies: The expenses reported on the Schedule are presented using the accrual basis of accounting, the method used to prepare the Housing Board’s basic financial statements. Note 1 of the Housing Board’s basic financial statements describes the significant accounting policies used by the Housing Board. Such expenses are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Housing Board has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The expenses reported on the Schedule are presented using the accrual basis of accounting, the method used to prepare the Housing Board’s basic financial statements. Note 1 of the Housing Board’s basic financial statements describes the significant accounting policies used by the Housing Board. Such expenses are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.

Title: Subrecipients Accounting Policies: The expenses reported on the Schedule are presented using the accrual basis of accounting, the method used to prepare the Housing Board’s basic financial statements. Note 1 of the Housing Board’s basic financial statements describes the significant accounting policies used by the Housing Board. Such expenses are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Housing Board has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. During the year ended December 31, 2023, the Housing Board did not provide any federal awards to sub recipients.

Title: Other Matters - Indirect Cost Rate Accounting Policies: The expenses reported on the Schedule are presented using the accrual basis of accounting, the method used to prepare the Housing Board’s basic financial statements. Note 1 of the Housing Board’s basic financial statements describes the significant accounting policies used by the Housing Board. Such expenses are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Housing Board has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Housing Board has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.