Audit 323306

Title: Basis of presentation Accounting Policies: 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. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: Housing Authority of the City of Searcy has not made an election to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. TThe accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Housing Authority for the City of Searcy 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 Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Housing Authority for the City of Searcy, it is not intended to and does not present the financial position, changes in net position, or cash flows of Housing Authority for the City of Searcy.