Audit 40793

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE 1: BASIS OF PRESENTATIONThe accompanying schedule of Expenditures of federal awards (the Schedule) includes thefederal award activity of the Pickaway Metropolitan Housing Authority under programs of thefederal government for the year ended December 31, 2022. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion ofthe operations of Pickaway Metropolitan Housing Authority, it is not intended to and does notpresent the financial position, changes in net position, or cash flows of Pickaway MetropolitanHousing Authority.NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the GAAP basis of accounting. Suchexpenditures 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.NOTE 3: INDIRECT COST RATEPickaway Metropolitan Housing Authority has elected not to use the 10 percent de minimisindirect cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 714719.