Title: Note 1: Reporting Entity
Accounting Policies: The city of Van Buren, Arkansas (the "City") is a governmental entity established by the laws of the State of Arkansas and has the powers of a body corporate, as defined in the statutes. All significant operations of the City are included in the scope of the Office of Management and Budget (OMB) requirements contained in 2 CFR Part 200, Subpart F (Single Audit). No federal entity for the City is based upon criteria established by the Governmental Accounting Standards Board. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2020. The information in this 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). The Schedule presents only a selected portion of the operations of the City and, accordingly, is not intended to and does not present the financial position, changes in net position or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City does not maintain a cost allocation plan for allocation of common and indirect costs related to grant programs and has not elected to use the 10% de minimis cost rate as allowed by Uniform Guidance; accordingly, no indirect costs have been allocated to the grant programs included in the Schedule.
See Table on page 6
Title: Note 2: Basis of Presentation
Accounting Policies: The city of Van Buren, Arkansas (the "City") is a governmental entity established by the laws of the State of Arkansas and has the powers of a body corporate, as defined in the statutes. All significant operations of the City are included in the scope of the Office of Management and Budget (OMB) requirements contained in 2 CFR Part 200, Subpart F (Single Audit). No federal entity for the City is based upon criteria established by the Governmental Accounting Standards Board. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2020. The information in this 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). The Schedule presents only a selected portion of the operations of the City and, accordingly, is not intended to and does not present the financial position, changes in net position or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City does not maintain a cost allocation plan for allocation of common and indirect costs related to grant programs and has not elected to use the 10% de minimis cost rate as allowed by Uniform Guidance; accordingly, no indirect costs have been allocated to the grant programs included in the Schedule.
See Table on page 6
Title: Note 3: Summary of Significant Accounting Policies
Accounting Policies: The city of Van Buren, Arkansas (the "City") is a governmental entity established by the laws of the State of Arkansas and has the powers of a body corporate, as defined in the statutes. All significant operations of the City are included in the scope of the Office of Management and Budget (OMB) requirements contained in 2 CFR Part 200, Subpart F (Single Audit). No federal entity for the City is based upon criteria established by the Governmental Accounting Standards Board. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2020. The information in this 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). The Schedule presents only a selected portion of the operations of the City and, accordingly, is not intended to and does not present the financial position, changes in net position or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City does not maintain a cost allocation plan for allocation of common and indirect costs related to grant programs and has not elected to use the 10% de minimis cost rate as allowed by Uniform Guidance; accordingly, no indirect costs have been allocated to the grant programs included in the Schedule.
See Table on page 6
Title: Note 4: Estimates
Accounting Policies: The city of Van Buren, Arkansas (the "City") is a governmental entity established by the laws of the State of Arkansas and has the powers of a body corporate, as defined in the statutes. All significant operations of the City are included in the scope of the Office of Management and Budget (OMB) requirements contained in 2 CFR Part 200, Subpart F (Single Audit). No federal entity for the City is based upon criteria established by the Governmental Accounting Standards Board. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2020. The information in this 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). The Schedule presents only a selected portion of the operations of the City and, accordingly, is not intended to and does not present the financial position, changes in net position or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City does not maintain a cost allocation plan for allocation of common and indirect costs related to grant programs and has not elected to use the 10% de minimis cost rate as allowed by Uniform Guidance; accordingly, no indirect costs have been allocated to the grant programs included in the Schedule.
See Table on page 6