Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal award activity of the Charleston-Kanawha Housing Authority (the Authority) underprograms of the federal government for the year ended March 31, 2022. The information inthis Schedule is presented in accordance with the requirements of Title 2 United States Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presentsonly a selected portion of the operations of the Authority, it is not intended to and does notpresent the financial position, changes in net position, or cash flows of the Authority.NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as toreimbursement.NOTE 3 - INDIRECT COST RATEThe Authority has elected not to use the 10-percent de minimis indirect cost rate as allowedunder the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.