Audit 322890

Title: Note 1 Accounting Policies: NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS General The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Las Animas / Bent County Housing Authority. All federal financial assistance received by the reporting entity directly from federal agencies, as well as federal financial assistance passed through other government agencies, is included on the schedule. Basis of presentation The accompanying schedule of expenditures of federal awards is presented using 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Federal financial assistance provided to sub recipients is treated as an expenditure when it is paid to the sub recipient. Las Animas / Bent County Housing Authority uses the de minimis indirect cost rate of 10%. Loan Guarantees The Authority had one loan that was guaranteed by the U.S. Department of Agriculture. The ending balance of each of the loan at December 31, 2023 was $83,571. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minis cost rate. NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS General The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Las Animas / Bent County Housing Authority. All federal financial assistance received by the reporting entity directly from federal agencies, as well as federal financial assistance passed through other government agencies, is included on the schedule. Basis of presentation The accompanying schedule of expenditures of federal awards is presented using 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Federal financial assistance provided to sub recipients is treated as an expenditure when it is paid to the sub recipient. Las Animas / Bent County Housing Authority uses the de minimis indirect cost rate of 10%. Loan Guarantees The Authority had one loan that was guaranteed by the U.S. Department of Agriculture. The ending balance of each of the loan at December 31, 2023 was $83,571.