Notes to SEFA
Accounting Policies: (1) Summary of Significant Accounting Policies Applicable to the Schedule of Expenditures of Federal Awards(the Schedule)Scope of PresentationThe accompanying schedule presents the expenditures incurred (and related awards received) by the Franklin CountyConsolidated Housing Authority (Authority) that are reimbursable under federal programs of federal agencies providingfinancial assistance and state awards. For the purposes of this schedule, only the portion of program expendituresreimbursable with such federal or state funds is reported in the accompanying schedule. Program expenditures inexcess of the maximum federal or state reimbursement authorized or the portion of the program expenditures thatwere funded with local or other nonfederal funds are excluded from the accompanying schedule.Basis of AccountingThe expenditures included in the accompanying schedule were reported on the accrual basis of accounting.Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reportedincluded any property or equipment acquisitions incurred under the federal program. The information in this scheduleis presented in accordance with the requirements of Uniform Guidance, Audit of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in orused in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.