Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes thefederal grant activity of Housing Authority of the City of Stamford, under programs of thefederal government for the year ended June 30, 2022. The information in the schedule ispresented in accordance with the requirements of the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presentsonly a selected portion of the operations of Housing Authority of the City of Stamford, it is notintended to and does not present the financial position, changes in net position or cash flowsof Housing Authority of the City of Stamford.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting. Forcost-reimbursement awards, such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable orare limited as to reimbursement. For performance-based awards, expenditures reportedrepresent amounts earned.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.