Audit 340090

Title: Summary of Significant Accounting Policies Applicable to the Schedule of Expenditures of Federal Awards Accounting Policies: (a) Scope of Presentation The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes only the federal grant activity by the Area Housing Authority of the County of Ventura (Authority) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of the U.S. Code of Federal Regulations, Title 2, Grants and Agreements, 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 the Authority, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Authority. The Authority did not use the 10% de minimis indirect cost rate as covered in section 200.414 of the Uniform Guidance. (b) Basis of Accounting Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures for part of the year are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards wherein certain types of expenditures are not allowable or are limited as to reimbursement. (c) Subrecipients During the fiscal year ended June 30, 2024, the Authority disbursed no federal funds to subrecipients. De Minimis Rate Used: N Rate Explanation: The de minimis rate must not be applied to cost reimbursement contracts issued directly by the Federal Gov. in accordance with FAR. (a) Scope of Presentation The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes only the federal grant activity by the Area Housing Authority of the County of Ventura (Authority) under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of the U.S. Code of Federal Regulations, Title 2, Grants and Agreements, 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 the Authority, it is not intended to and does not present the financial position, changes in net assets or cash flows of the Authority. The Authority did not use the 10% de minimis indirect cost rate as covered in section 200.414 of the Uniform Guidance. (b) Basis of Accounting Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures for part of the year are recognized following the cost principles contained in Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards wherein certain types of expenditures are not allowable or are limited as to reimbursement. (c) Subrecipients During the fiscal year ended June 30, 2024, the Authority disbursed no federal funds to subrecipients.