Audit 352122

Title: Basis of Presentation Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of the City of McKinney, Texas (the Authority) for the year ended June 30, 2024. 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. De Minimis Rate Used: N Rate Explanation: The Authority did not make an election to use the ten percent de minimis cost rate as allowed for in the Uniform Guidance. The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of the City of McKinney, Texas (the Authority) for the year ended June 30, 2024. 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.

Title: Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of the City of McKinney, Texas (the Authority) for the year ended June 30, 2024. 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 (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. De Minimis Rate Used: N Rate Explanation: The Authority did not make an election to use the ten percent de minimis cost rate as allowed for in the Uniform Guidance. The Authority did not make an election to use the ten percent de minimis cost rate as allowed for in the Uniform Guidance.