Title: Note 1. Basis of Presentation
Accounting Policies: Note 2. Summary of Significant Accounting Policies-Expenditures reported on the schedule are reported on a modified accrual basis of accounting. Such expenditures are recognized following the cost principles 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 City of Mount Pleasant, Tennessee has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance summarizes the expenditures of the City under programs of the federal and state governments for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2, US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Title: Note 3. Loans Outstanding
Accounting Policies: Note 2. Summary of Significant Accounting Policies-Expenditures reported on the schedule are reported on a modified accrual basis of accounting. Such expenditures are recognized following the cost principles 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 City of Mount Pleasant, Tennessee has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
At June 30, 2023, there is an outstanding balance of $11,201,602 on various loans obtained through the USDA. Payments of principal on these loans during the fiscal year ended June 30, 2023 totaled $137,255. Draws of $2,814,210 were made and received by the City during FY 2023.
Title: Note 4. Indirect Cost Rate
Accounting Policies: Note 2. Summary of Significant Accounting Policies-Expenditures reported on the schedule are reported on a modified accrual basis of accounting. Such expenditures are recognized following the cost principles 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 City of Mount Pleasant, Tennessee has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 5. Subrecipients
Accounting Policies: Note 2. Summary of Significant Accounting Policies-Expenditures reported on the schedule are reported on a modified accrual basis of accounting. Such expenditures are recognized following the cost principles 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 City of Mount Pleasant, Tennessee has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
For the year ended June 30, 2023, the City had no awards that were passed through to subrecipients.
Title: Note 6. Commitments
Accounting Policies: Note 2. Summary of Significant Accounting Policies-Expenditures reported on the schedule are reported on a modified accrual basis of accounting. Such expenditures are recognized following the cost principles 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 City of Mount Pleasant, Tennessee has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
At June 30, 2023 the City had outstanding commitments totaling approximately $6,800,000 for federal awards related to Water and Sewer capital projects.