Title: PURPOSE OF SCHEDULE
Accounting Policies: Basis of Presentation
Expenditures reported on the Schedule are reported on the modified cash 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. The
City has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
B. Federal Financial Assistance
Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by
a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative
agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations.
Accordingly, non-monetary federal assistance, including federal surplus property, is included in
federal financial assistance and, therefore, is reported on the schedule of expenditures of federal
awards, if applicable. Federal financial assistance does not include direct federal cash assistance to
individuals. Solicited contracts between the state and federal government for which the federal
government procures tangible goods or services are not considered to be federal financial
assistance.
C. Major Programs
The Uniform Guidance establishes criteria to be used in defining major federal financial assistance
programs. Major programs of the City are those programs selected for testing by the auditor
using a risk assessment model, as well as certain minimum expenditure requirements, as outlined
in the Uniform Guidance.D. Reporting Entity
The reporting entity is fully described in the notes to the City’s basic financial statements.
Additionally, the schedule of expenditures of federal awards includes all federal programs
administered by the City for the year ended June 30, 2023.
E. Revenue and Expenditure Recognition
The receipt and expenditure of federal awards are accounted for under the modified cash basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: None
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule) includes the
federal award activity of the City of Prairie City under programs of the federal government
for the year ended June 30, 2023. The information in the Schedule is presented in accordance with
the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 activities of the City, it is not
intended to and does not present the financial position, changes in net position, nor the operating
funds’ revenues and expenses.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FOR FEDERAL AWARD
EXPENDITURES
A. Basis of Presentation
Accounting Policies: Basis of Presentation
Expenditures reported on the Schedule are reported on the modified cash 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. The
City has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
B. Federal Financial Assistance
Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by
a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative
agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations.
Accordingly, non-monetary federal assistance, including federal surplus property, is included in
federal financial assistance and, therefore, is reported on the schedule of expenditures of federal
awards, if applicable. Federal financial assistance does not include direct federal cash assistance to
individuals. Solicited contracts between the state and federal government for which the federal
government procures tangible goods or services are not considered to be federal financial
assistance.
C. Major Programs
The Uniform Guidance establishes criteria to be used in defining major federal financial assistance
programs. Major programs of the City are those programs selected for testing by the auditor
using a risk assessment model, as well as certain minimum expenditure requirements, as outlined
in the Uniform Guidance.D. Reporting Entity
The reporting entity is fully described in the notes to the City’s basic financial statements.
Additionally, the schedule of expenditures of federal awards includes all federal programs
administered by the City for the year ended June 30, 2023.
E. Revenue and Expenditure Recognition
The receipt and expenditure of federal awards are accounted for under the modified cash basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: None
Expenditures reported on the Schedule are reported on the modified cash 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. The
City has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Title: B. Federal Financial Assistance
Accounting Policies: Basis of Presentation
Expenditures reported on the Schedule are reported on the modified cash 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. The
City has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
B. Federal Financial Assistance
Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by
a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative
agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations.
Accordingly, non-monetary federal assistance, including federal surplus property, is included in
federal financial assistance and, therefore, is reported on the schedule of expenditures of federal
awards, if applicable. Federal financial assistance does not include direct federal cash assistance to
individuals. Solicited contracts between the state and federal government for which the federal
government procures tangible goods or services are not considered to be federal financial
assistance.
C. Major Programs
The Uniform Guidance establishes criteria to be used in defining major federal financial assistance
programs. Major programs of the City are those programs selected for testing by the auditor
using a risk assessment model, as well as certain minimum expenditure requirements, as outlined
in the Uniform Guidance.D. Reporting Entity
The reporting entity is fully described in the notes to the City’s basic financial statements.
Additionally, the schedule of expenditures of federal awards includes all federal programs
administered by the City for the year ended June 30, 2023.
E. Revenue and Expenditure Recognition
The receipt and expenditure of federal awards are accounted for under the modified cash basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: None
Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by
a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative
agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations.
Accordingly, non-monetary federal assistance, including federal surplus property, is included in
federal financial assistance and, therefore, is reported on the schedule of expenditures of federal
awards, if applicable. Federal financial assistance does not include direct federal cash assistance to
individuals. Solicited contracts between the state and federal government for which the federal
government procures tangible goods or services are not considered to be federal financial
assistance.
Title: C. Major Programs
Accounting Policies: Basis of Presentation
Expenditures reported on the Schedule are reported on the modified cash 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. The
City has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
B. Federal Financial Assistance
Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by
a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative
agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations.
Accordingly, non-monetary federal assistance, including federal surplus property, is included in
federal financial assistance and, therefore, is reported on the schedule of expenditures of federal
awards, if applicable. Federal financial assistance does not include direct federal cash assistance to
individuals. Solicited contracts between the state and federal government for which the federal
government procures tangible goods or services are not considered to be federal financial
assistance.
C. Major Programs
The Uniform Guidance establishes criteria to be used in defining major federal financial assistance
programs. Major programs of the City are those programs selected for testing by the auditor
using a risk assessment model, as well as certain minimum expenditure requirements, as outlined
in the Uniform Guidance.D. Reporting Entity
The reporting entity is fully described in the notes to the City’s basic financial statements.
Additionally, the schedule of expenditures of federal awards includes all federal programs
administered by the City for the year ended June 30, 2023.
E. Revenue and Expenditure Recognition
The receipt and expenditure of federal awards are accounted for under the modified cash basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: None
The Uniform Guidance establishes criteria to be used in defining major federal financial assistance
programs. Major programs of the City are those programs selected for testing by the auditor
using a risk assessment model, as well as certain minimum expenditure requirements, as outlined
in the Uniform Guidance.
Title: D. Reporting Entity
Accounting Policies: Basis of Presentation
Expenditures reported on the Schedule are reported on the modified cash 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. The
City has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
B. Federal Financial Assistance
Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by
a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative
agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations.
Accordingly, non-monetary federal assistance, including federal surplus property, is included in
federal financial assistance and, therefore, is reported on the schedule of expenditures of federal
awards, if applicable. Federal financial assistance does not include direct federal cash assistance to
individuals. Solicited contracts between the state and federal government for which the federal
government procures tangible goods or services are not considered to be federal financial
assistance.
C. Major Programs
The Uniform Guidance establishes criteria to be used in defining major federal financial assistance
programs. Major programs of the City are those programs selected for testing by the auditor
using a risk assessment model, as well as certain minimum expenditure requirements, as outlined
in the Uniform Guidance.D. Reporting Entity
The reporting entity is fully described in the notes to the City’s basic financial statements.
Additionally, the schedule of expenditures of federal awards includes all federal programs
administered by the City for the year ended June 30, 2023.
E. Revenue and Expenditure Recognition
The receipt and expenditure of federal awards are accounted for under the modified cash basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: None
The reporting entity is fully described in the notes to the City’s basic financial statements.
Additionally, the schedule of expenditures of federal awards includes all federal programs
administered by the City for the year ended June 30, 2023.
Title: E. Revenue and Expenditure Recognition
Accounting Policies: Basis of Presentation
Expenditures reported on the Schedule are reported on the modified cash 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. The
City has elected not to use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.
B. Federal Financial Assistance
Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by
a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative
agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations.
Accordingly, non-monetary federal assistance, including federal surplus property, is included in
federal financial assistance and, therefore, is reported on the schedule of expenditures of federal
awards, if applicable. Federal financial assistance does not include direct federal cash assistance to
individuals. Solicited contracts between the state and federal government for which the federal
government procures tangible goods or services are not considered to be federal financial
assistance.
C. Major Programs
The Uniform Guidance establishes criteria to be used in defining major federal financial assistance
programs. Major programs of the City are those programs selected for testing by the auditor
using a risk assessment model, as well as certain minimum expenditure requirements, as outlined
in the Uniform Guidance.D. Reporting Entity
The reporting entity is fully described in the notes to the City’s basic financial statements.
Additionally, the schedule of expenditures of federal awards includes all federal programs
administered by the City for the year ended June 30, 2023.
E. Revenue and Expenditure Recognition
The receipt and expenditure of federal awards are accounted for under the modified cash basis of
accounting.
De Minimis Rate Used: N
Rate Explanation: None
The receipt and expenditure of federal awards are accounted for under the modified cash basis of
accounting.