Notes to SEFA
Accounting Policies: Scope of PresentationThe accompanying schedule presents the expenditures incurred (and related awards received) by the LexingtonHousing Authority that are reimbursable under federal programs of federal agencies providing financial assistance andstate awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with suchfederal or state funds is reported in the accompanying schedule. Program expenditures in excess of the maximumfederal or state reimbursement authorized or the portion of the program expenditures that were funded with local orother 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. Therefore, some amounts presented in thisschedule may differ from amounts presented in or used in the preparation of the basic financial statements.The Authority is a subrecipient of federal awards from Positive Well Alliance for the Housing Opportunity for Personswith AIDS grant from HUD.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.