Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the PHA under programs of the federal government for the year ended December 31, 2024. The information in the 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 operations of the PHA, it is not intended to and does not present the financial position, changes in net position, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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 allowed or are limited as to reimbursement.
(2) The PHA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year ended December 31, 2024 are as follows:
• Public Housing and Capital Funds Program – HUD Operating grants received
• Section 8 Housing Choice Voucher Program – Total program expenses
• Child and Adult Care Food Program – Total program expenses
De Minimis Rate Used: N
Rate Explanation: The PHA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the PHA under programs of the federal government for the year ended December 31, 2024. The information in the 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 operations of the PHA, it is not intended to and does not present the financial position, changes in net position, or cash flows of the PHA.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the PHA under programs of the federal government for the year ended December 31, 2024. The information in the 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 operations of the PHA, it is not intended to and does not present the financial position, changes in net position, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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 allowed or are limited as to reimbursement.
(2) The PHA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year ended December 31, 2024 are as follows:
• Public Housing and Capital Funds Program – HUD Operating grants received
• Section 8 Housing Choice Voucher Program – Total program expenses
• Child and Adult Care Food Program – Total program expenses
De Minimis Rate Used: N
Rate Explanation: The PHA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(1) 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 allowed or are limited as to reimbursement.
(2) The PHA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year ended December 31, 2024 are as follows:
• Public Housing and Capital Funds Program – HUD Operating grants received
• Section 8 Housing Choice Voucher Program – Total program expenses
• Child and Adult Care Food Program – Total program expenses
Title: NOTE C - SUBRECIPIENTS
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the PHA under programs of the federal government for the year ended December 31, 2024. The information in the 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 operations of the PHA, it is not intended to and does not present the financial position, changes in net position, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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 allowed or are limited as to reimbursement.
(2) The PHA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year ended December 31, 2024 are as follows:
• Public Housing and Capital Funds Program – HUD Operating grants received
• Section 8 Housing Choice Voucher Program – Total program expenses
• Child and Adult Care Food Program – Total program expenses
De Minimis Rate Used: N
Rate Explanation: The PHA has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The PHA provided no federal awards to subrecipients during the year ended December 31, 2024.