Audit 5595

Title: 1. Summary of Significant Accounting Policies: Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Section 8 Housing Assistance Payments Programs of the City of Buffalo, New York (the Programs), an entity as described in Note 1 to its financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting The Programs use the accrual basis of accounting for the federal programs, consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled to the Programs’ financial reporting system. Indirect Costs The Programs do not elect to use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Programs do not elect to use the 10% de minimis indirect cost rate permitted by the Uniform Guidance. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Section 8 Housing Assistance Payments Programs of the City of Buffalo, New York (the Programs), an entity as described in Note 1 to its financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting The Programs use the accrual basis of accounting for the federal programs, consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled to the Programs’ financial reporting system. Indirect Costs The Programs do not elect to use the 10% de minimis indirect cost rate permitted by the Uniform Guidance.