Audit 24851

Title: Note 3 - Subrecipient Funding Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the City of Hermitage ("City") under programs of the federal government for the year ended December 31, 2022. The information in this 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 select portion of the operations of the City, it is not intended to and does not present the net position, activities, or cash flows of the City.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. De Minimis Rate Used: N Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. There were no funds passed through to subrecipients from any of the federal programs.