Audit 359477

Title: Scope of Presentation Accounting Policies: Scope of Presentation The accompanying schedule presents the expenditures incurred (and related awards received) by the Organization 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 are 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. Basis of Accounting The expenditures included in the accompanying schedule were reported on an accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial position or results of operations of the Organization. De Minimis Rate Used: N Rate Explanation: Indirect Cost Rate The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The  accompanying  schedule  presents  the  expenditures  incurred  (and  related  awards  received)  by  the  Housing  Authority of the County of Kings (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: Basis of Accounting Accounting Policies: Scope of Presentation The accompanying schedule presents the expenditures incurred (and related awards received) by the Organization 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 are 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. Basis of Accounting The expenditures included in the accompanying schedule were reported on an accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial position or results of operations of the Organization. De Minimis Rate Used: N Rate Explanation: Indirect Cost Rate The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The  expenditures  included  in  the  accompanying  schedule  were  reported  on  the  accrual  basis  of  accounting.  Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. The information in this schedule is presented in accordance with the requirements of 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: Indirect Cost Rate Accounting Policies: Scope of Presentation The accompanying schedule presents the expenditures incurred (and related awards received) by the Organization 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 are 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. Basis of Accounting The expenditures included in the accompanying schedule were reported on an accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial position or results of operations of the Organization. De Minimis Rate Used: N Rate Explanation: Indirect Cost Rate The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The Authority elected to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, section 414.