Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the PHA and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S Code of Federal Regulations (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 PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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.
(2) The PHA has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year under the Low Rent program and Capital Fund Program equal the Low Rent operating subsidy and Capital Fund Program operating and capital grants received from HUD, respectively, and for other grant programs, expenditures of federal awards equal the PHA’s expenses for allowable costs for that specific grant made within the fiscal year under audit.
De Minimis Rate Used: N
Rate Explanation: (1) The PHA has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the PHA and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S Code of Federal Regulations (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 PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the PHA and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S Code of Federal Regulations (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 PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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.
(2) The PHA has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year under the Low Rent program and Capital Fund Program equal the Low Rent operating subsidy and Capital Fund Program operating and capital grants received from HUD, respectively, and for other grant programs, expenditures of federal awards equal the PHA’s expenses for allowable costs for that specific grant made within the fiscal year under audit.
De Minimis Rate Used: N
Rate Explanation: (1) The PHA has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(1) 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.
(2) The PHA has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year under the Low Rent program and Capital Fund Program equal the Low Rent operating subsidy and Capital Fund Program operating and capital grants received from HUD, respectively, and for other grant programs, expenditures of federal awards equal the PHA’s expenses for allowable costs for that specific grant made within the fiscal year under audit.
Title: NOTE C – SUBRECIPIENTS
Accounting Policies: NOTE A – BASIS OF PRESENTATION
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the PHA and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S Code of Federal Regulations (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 PHA, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the PHA.
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(1) 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.
(2) The PHA has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(3) In accordance with HUD guidelines, expenditures of federal awards for the fiscal year under the Low Rent program and Capital Fund Program equal the Low Rent operating subsidy and Capital Fund Program operating and capital grants received from HUD, respectively, and for other grant programs, expenditures of federal awards equal the PHA’s expenses for allowable costs for that specific grant made within the fiscal year under audit.
De Minimis Rate Used: N
Rate Explanation: (1) The PHA has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The PHA provided no federal awards to subrecipients during the year ended March 31, 2023