Audit 56222

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the schedule) includes thefederal grant activity of Saratoga Springs Housing Authority, under programs of the federalgovernment for the year ended March 31, 2022. The information in the schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirement, Cost Principles, and Audit Requirements for FederalAwards (Uniform Guidance). Because the schedule presents only a selected portion of theoperations of Saratoga Springs Housing Authority, it is not intended to and does not presentthe financial position, changes in net position or cash flows of Saratoga Springs HousingAuthority.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the accrual basis of accounting. Forcost-reimbursement awards, such expenditures are recognized following the cost principlescontained in the Uniform Guidance, wherein certain types of expenditures are not allowable orare 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. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 2652946.