Audit 38260

Accounting Policies: 1. General: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal programs of Ripley County Public Housing Agency (the Agency). The Agency's reporting entity is defined in Note 1 to the Agency's accompanying financial statements. Federal awards are received directly from federal agencies. 2. Basis of Presentation: OMB Circular A-133 includes these definitions, which govern the contents of the schedule: Federal financial assistance means assistance that non-federal entities receive or administer in the form of grants, loans, loan guarantees, property (including donated surplus property), cooperative agreements, interest subsidies, insurance, food commodities, direct appropriations, and other assistance, but does not include amounts received as reimbursement for services rendered to individuals. Federal award means federal financial assistance and federal cost-reimbursement contracts that non-federal entities receive directly from Federal awarding agencies or indirectly from pass-through entities. It does not include procurement contracts, under grants or contracts, used to buy goods or services from vendors. Accordingly, the Schedule includes expenditures of both cash and noncash awards. 3. Basis of Accounting: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Agency's accompanying financial statements. 4. Relation of Federal Financial Reports: Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports, except for changes made to reflect amounts in accordance with U.S. generally accepted accounting principles. 5. Matching Revenues: For those funds that gave matching revenues and state funding, if any, federal expenditures were determined by deducting matching revenues from total expenditures. 6. Non-Cash Programs: No non-cash proceeds were received by the Agency. 7. Sub-recipients: The Agency provided no federal awards to sub-recipients during the year ended June 30, 2022. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.