Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federalward activity of the Housing Authority of the City of Denison (Authority) under programs of thefederal government for the year ended September 30, 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 for FederalAwards (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, changesin net assets, or cash flows of the Authority.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Office of Managementand Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.