Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Housing Authority of Paintsville for the year ended March 31, 2022. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Housing Authority of Paintsville, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Housing Authority of Paintsville. The expenditures in the schedule were reported on the accrual basis of accounting. The Authority elected not to use the 10% de minimis cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.