Notes to SEFA
Accounting Policies: Note A Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awardactivity of Episcopal Housing of Birmingham, Inc. (the Project) under programs of the federal governmentfor the year ended September 30, 2022. The information in this Schedule is presented in accordance withrequirements 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 Schedulepresents only a selected portion of the operations of the Housing Authority, it is not intended to and doesnot present the financial position, changes in net assets, or cash flows of the Housing Authority.Note B Summary of Significant Accounting Policies(1) Expenditures reported on the Schedule are reported on the accrual 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.