Notes to SEFA
Title: Single Audit
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance summarized the expenditures of the Town of Lexington, Tennessee, under programs of the federal and state governments for the year ended June 30, 2022. The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Single Audit reports required by OMB Uniform Guidance have been filed as part of the individual audit reports of Lexington City Schools. The awards that Lexington City Schools received have not been included in the above schedule.
Title: Lexington Electric System
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance summarized the expenditures of the Town of Lexington, Tennessee, under programs of the federal and state governments for the year ended June 30, 2022. The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The awards that Lexington Electric System received have not been included in the above schedule.