Audit 341583

Title: Summary of significant acounting policies Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of South Plains Regional Housing Authority for the year ended June 30, 2024. Matching costs, the nonfederal share of certain program costs, are not included in the Schedule. 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. Because the Schedule presents only a selected portion of the operations of South Plains Regional Housing Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of South Plains Regional Housing Authority. De Minimis Rate Used: N Rate Explanation: South Plains Regional Housing Authority did not elect to use it. 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. Those federal programs presenting negative amounts on the Schedule are the result of adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.