Audit 693

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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. Negative amounts shown on the Schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: Y Rate Explanation: The Agency has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the Freeport Community Development Agency of the Village of Freeport, New York (Agency), for the year ended August 31, 2022. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule only presents a selected portion of the operations of the Agency, it is not intended to and does not present the financial position and changes in net position of the Agency.