Audit 5609

Title: Housing Choice Voucher Cluster Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Authority under programs of the federal government for the year ended March 31, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority. De Minimis Rate Used: N Rate Explanation: The Authority has elected not to use the 10-percent de minims indirect cost rate as allowed under the Uniform Guidance. The Authority received $15,980,403 in Section 8 Housing Choice Voucher Program (Assistance Listing Number 14.871) and $577,791 in Emergency Housing Voucher funding (Assistance Listing Number 14.871). The Authority reported $16,150,366 and $537,070 in expenditures on a full accrual basis for Section 8 Housing Choice Voucher Program and Emergency Housing Voucher, respectively during the year, which were paid with federal and nonfederal funds. The Authority reported no HAP Portability income and $4,519 in HAP Portability expenses.