Notes to SEFA
Accounting Policies: Note A Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Forest City Housing Authority (the Housing Authority) under programs of the federal government for theyear ended June 30, 2022. The information in this Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Housing Authority, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Housing Authority.Note B Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expendituresare 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.