Audit 358885

Title: NOTE 1: BASIS OF ACCOUNTING Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Portland Housing Authority (Authority) and is presented on the accrual basis of accounting. Therefore, the amounts presented in this schedule are presented, or used in the preparation of the basic financial statements. The accompanying schedule presents the expenditures incurred (and related awards received) by the Authority that are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule. De Minimis Rate Used: N Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance. The accompanying schedule of expenditures of federal awards includes the federal grant activity of Portland Housing Authority (Authority) and is presented on the accrual basis of accounting. Therefore, the amounts presented in this schedule are presented, or used in the preparation of the basic financial statements.

Title: NOTE 2: SCOPE OF PRESENTATION Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Portland Housing Authority (Authority) and is presented on the accrual basis of accounting. Therefore, the amounts presented in this schedule are presented, or used in the preparation of the basic financial statements. The accompanying schedule presents the expenditures incurred (and related awards received) by the Authority that are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule. De Minimis Rate Used: N Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance. The accompanying schedule presents the expenditures incurred (and related awards received) by the Authority that are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule.

Title: NOTE 3: INDIRECT COST RATE Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Portland Housing Authority (Authority) and is presented on the accrual basis of accounting. Therefore, the amounts presented in this schedule are presented, or used in the preparation of the basic financial statements. The accompanying schedule presents the expenditures incurred (and related awards received) by the Authority that are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule. De Minimis Rate Used: N Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance. The Authority has not elected to use the 10% de minimis indirect cost rate allowed in the Uniform Guidance.