Title: 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity
of the Housing Authority of the City of Long Beach (the “Authority”) for the year ended March 31, 2023. Federal
Awards received directly from Federal agencies, as well as Federal awards passed through other governmental
agencies, are included in the Schedule. 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 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.
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.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimus 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 Housing Authority of the City of Long Beach (the “Authority”) for the year ended March 31, 2023. Federal
Awards received directly from Federal agencies, as well as Federal awards passed through other governmental
agencies, are included in the Schedule. 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 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.
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.
Title: 2. INDIRECT COST RATE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity
of the Housing Authority of the City of Long Beach (the “Authority”) for the year ended March 31, 2023. Federal
Awards received directly from Federal agencies, as well as Federal awards passed through other governmental
agencies, are included in the Schedule. 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 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.
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.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimus cost rate as allowed under the Uniform Guidance.
The Authority has elected not to use the 10 percent de minimus cost rate as allowed under the Uniform Guidance.
Title: 3. RECONCILIATION TO FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity
of the Housing Authority of the City of Long Beach (the “Authority”) for the year ended March 31, 2023. Federal
Awards received directly from Federal agencies, as well as Federal awards passed through other governmental
agencies, are included in the Schedule. 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 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.
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.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimus cost rate as allowed under the Uniform Guidance.
The expenditures presented in the Schedule of Expenditures of Federal Awards reconcile to the federal aid reported
in the Statement of Revenues, Expenses, and Changes in Net Position as follows:
Federal expenditures as reported in the SEFA: $ 7,918,953
Reconciling items:
None -
Federal aid as reported in the Statement of
Revenues, Expenses and Changes if Net Position,
as Government Operating Grants, Other
Government Grants, and Capital Grants $ 7,918,953