Notes to SEFA
Accounting Policies: Note A Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awardactivity of the Housing Authority of the City of Centre, Alabama (the Housing Authority) under programs ofthe federal government for the year ended June 30, 2022. The information in this Schedule is presented inaccordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of the HousingAuthority, it is not intended to and does not present the financial position, changes in financial position, orcash flows of the Housing Authority.Note B Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expendituresare recognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.