Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of Methuen Housing Authority, under programs of the federal government for the year ended March 31, 2022. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of Methuen Housing Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of Methuen Housing Authority.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. For cost-reimbursement awards, such expenditures 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. 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.