Title: Basis of Presentation
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
The accompanying shcedule of expenditures of federal awards (the Schedule) includes the federal award of activity of the City of Radford, Virginia 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 Regulation 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 City of Radford, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Radford, Virginia.
Title: Relationship to the Financial Statements
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
Federal expenditures, revenues and capital contributions are reported in the City's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements: Primary government: General Fund-Intergovernmental $10,758,057 Less revenue from the Commonwealth (5,294,139) Transit Fund-Intergovernmental 2,300,299 Less revenue from the Commonwealth (693,281) Grants Fund-Intergovernmental 1,602,097 Less revenue from the Commonwealth (991,829) Highway Maintenance Fund-Intergovernmental 2,733,062 Less revenue from the Commonwealth (2,733,062) Capital Projects Fund-Intergovernmental 196,066 Less revenue from the Commonwealth (196,066) Total primary government 7,681,204
Title: Subrecipients
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
The City did not have any subrecipients for the year ended June 30, 2023.
Title: Outstanding Balance of Federal Loans
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
The City has not received any federal funding through loans.
Title: Donated Personal Protective Equipment (from federal assistance)
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB's Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City did not elect the 10% de minimis indirect cost rate because they only request direct costs for reimbursement.
The City has not received any donated personal protective equipment (from federal assistance).