Audit 364037

Title: INDIAN HOUSING BLOCK GRANTS Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Akwesasne Housing Authority (the “Authority”). The Authority’s reporting entity is described in Note 1 accompanying financial statements. The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by the Authority. The Authority receives federal awards directly from federal agencies and indirectly through pass-through entities. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operation of Akwesasne Housing Authority, it is not intended to and does not present the net position, changes in net position, or cash flows of Akwesasne Housing Authority. 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. De Minimis Rate Used: N Rate Explanation: Indirect costs may be included in the reported expenditures, to the extent they are included in the federal financial reports used as the source for the data presented. Matching costs (the Authority’s share of certain program costs) are not included in the reported expenditures. The Authority has not elected to use the 10 percent de minimis cost rate as covered in CFR200.414 Indirect (F&A) costs. The Authority has been approved by HUD (24 CFR Section 1000.58) to invest Indian Housing Block Grants (“IHBG”) funds for the purposes of carrying out IHBG activities. These funds are held in accounts separate from the Authority’s other funds and interest accumulated during the year is reflected in the accompanying financial statements as investment income, however is not recognized as earned until expended for allowable IHBG grant activities. Therefore, funds that have not been expended are reflected as unearned grant revenue. At December 31, 2024, $148,432 of interest received on invested IHBG funds is unexpended and held as unearned revenue.

Title: SUBRECIPIENTS Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Akwesasne Housing Authority (the “Authority”). The Authority’s reporting entity is described in Note 1 accompanying financial statements. The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs administered by the Authority. The Authority receives federal awards directly from federal agencies and indirectly through pass-through entities. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operation of Akwesasne Housing Authority, it is not intended to and does not present the net position, changes in net position, or cash flows of Akwesasne Housing Authority. 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. De Minimis Rate Used: N Rate Explanation: Indirect costs may be included in the reported expenditures, to the extent they are included in the federal financial reports used as the source for the data presented. Matching costs (the Authority’s share of certain program costs) are not included in the reported expenditures. The Authority has not elected to use the 10 percent de minimis cost rate as covered in CFR200.414 Indirect (F&A) costs. The Authority did not have any subrecipient agreements during the year.