Audit 325501

Title: Note 1 - Basis of Presentation Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Leeds Housing Authority 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. Cose of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The Housing Authority did not elect to use the 10% De Minimus Cost Rate. De Minimis Rate Used: N Rate Explanation: The auditee did not use the deminimis cost rate. The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Leeds Housing Authority 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. Cose of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. The Housing Authority did not elect to use the 10% De Minimus Cost Rate.