Audit 365716

Title: Financial Reporting Entity Accounting Policies: The Town of Stillwater Public Housing Agency (the “Agency”) is a governmental fund of the Town of Stillwater, New York (the “Town”) and oversees the Town’s Section 8 Housing Choice Voucher Program and Moderate Rehabilitation Program (the “Program”). The Moderate Rehabilitation Program ended during calendar year 2023. The Program’s objective is to provide lower-income families with decent, drug free, safe, affordable and sanitary rental housing through the use of a system of housing assistance payments. De Minimis Rate Used: N Rate Explanation: The Agency did not elect to use the 10% de minimis indirect cost rate. Administrative rates are established by the grant. The Town of Stillwater Public Housing Agency (the “Agency”) is a governmental fund of the Town of Stillwater, New York (the “Town”) and oversees the Town’s Section 8 Housing Choice Voucher Program and Moderate Rehabilitation Program (the “Program”). The Moderate Rehabilitation Program ended during calendar year 2023. The Program’s objective is to provide lower-income families with decent, drug free, safe, affordable and sanitary rental housing through the use of a system of housing assistance payments

Title: Basis of Accounting/Measurement Focus Accounting Policies: The Town of Stillwater Public Housing Agency (the “Agency”) is a governmental fund of the Town of Stillwater, New York (the “Town”) and oversees the Town’s Section 8 Housing Choice Voucher Program and Moderate Rehabilitation Program (the “Program”). The Moderate Rehabilitation Program ended during calendar year 2023. The Program’s objective is to provide lower-income families with decent, drug free, safe, affordable and sanitary rental housing through the use of a system of housing assistance payments. De Minimis Rate Used: N Rate Explanation: The Agency did not elect to use the 10% de minimis indirect cost rate. Administrative rates are established by the grant. The Agency’s financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The accounting and financial reporting treatment applied to the Agency is determined by its measurement focus. The transactions of the Agency are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and liabilities associated with the operations are included on the statement of net position. Net position is segregated into restricted and unrestricted components, as follows: