Notes to SEFA
Accounting Policies: NOTE 1 - BASIS OF PRESENTATIONThe accompanying Schedule of Federal Awards Expenditures (the Schedule) includes the federal awardactivity of Fairfield Metropolitan Housing Authority, Fairfield County, Ohio (the Authority) under programsof the federal government for the year ended December 31, 2022. The information on this Schedule hasbeen prepared in accordance with the requirements of Title 2 U. S. Code of Federal RegulationsPart 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of theoperations of the Authority, it is not intended to and does not present the financial position, change in netposition, or cash flows of the Authority.NOTE 2 - 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. The Authority has elected not to usesthe 10-percent de minim is indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.