Notes to SEFA
Accounting Policies: Note 1: Basis of PresentationNote 2: Summary of Significant Accounting PoliciesThe Authority has elected no to use the 10% de minimis indirect rate allowed under Uniform Guidance.Expenditures reported in the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.TheaccompanyingscheduleofexpendituresoffederalawardsincludesthefederalgrantactivityofHousingAuthorityofMyrtleBeachfortheyearendedJune30,2022.TheinformationinthisSEFAispresentedinaccordancewiththerequirementsofTitle2USCodeofFederalRegulationsPart200,UniformAdministrativeRequirements,CostPrinciplesandAuditRquirementsforFederalAwards.BecausetheSchedulepesentsonlyaselectedportionoftheoperationsofHousingAuthorityofMyrtleBeach,itisnotintended to and does not present the financial position, changes in net position
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.