Audit 54906

Accounting Policies: Note 1 - Basis of Presentation The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Franklin County Housing Authority (Authority) and is presented on the accrual basis of accounting. The schedule summarizes the federal funds expended by the Authority under the programs of the federal government during the year ended December 31, 2022. The schedule of expenditures of federal awards displays the Authoritys expenditures charged to federal programs for the year ended December 31, 2022, in accordance with the cost principals in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore some of the amounts may differ in some respects to the consolidated financial statements. The Authority has not implemented the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Note 2 - Sources of Funding The schedule includes all grants and contracts entered into directly between the Authority and agencies and departments of the federal government, as well as federal funds passed-through to the Authority by primary recipients. The Authority provided no part of its direct grant federal dollars to sub-recipients. The Authority did not receive any non-cash assistance from federal funds, had no federal insurance, nor have any loan or loan guarantees outstanding as of December 31, 2022. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.