Notes to SEFA
Accounting Policies: Note 1. Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of Kings Mountain Housing Authority under the programs of the federal government for the year ended September 30, 2022. The information in this SEFA 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. Because the Schedule presents only a selected portion of the operations of Kings Mountain Housing Authority, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of Kings Mountain Housing Authority.Note 2. Summary of Significant Accounting PoliciesExpenditures reported in the SEFA are reported on the modified 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: The auditee did not use the de minimis cost rate.