Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the schedule) includes thefederal grant activity of Housing Authority of the Town of South Kingstown, under programsof the federal government for the year ended March 31, 2022. The information in the scheduleis presented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsPart 200, Uniform Administrative Requirement, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the schedule presents only a selected portionof the operations of Housing Authority of the Town of South Kingstown, it is not intended toand does not present the financial position, changes in net position or cash flows of HousingAuthority of the Town of South Kingstown.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.