Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the schedule) includes thefederal grant activity of North Andover Housing Authority, under programs of the federalgovernment for the year ended September 30, 2022. The information in the schedule ispresented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the schedule presents only a selected portionof the operations of North Andover Housing Authority, it is not intended to and does notpresent the financial position, changes in net position or cash flows of North Andover HousingAuthority.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.