Title: A. Basis of Presentation
Accounting Policies: SIGNIFICANT ACCOUNTING POLICIES
De Minimis Rate Used: N
Rate Explanation: The city does not use an indirect cost allocation.
A. Basis of Presentation – The information is presented in accordance with the Uniform Guidance and in accordance with accrual basis of accounting. Federal Awards – Pursuant to the Uniform Guidance, federal awards are 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 awards, including federal surplus property, is included in federal awards and, therefore, is reported on the Schedule. Federal awards do not include direct federal cash assistance to individuals. Type A and Type B Programs – The Uniform Guidance establishes the levels of expenditures or expenses to be used in defining Type A and Type B federal awards programs. Type A program threshold during the year was $750,000.
Title: B. Reporting Entity
Accounting Policies: SIGNIFICANT ACCOUNTING POLICIES
De Minimis Rate Used: N
Rate Explanation: The city does not use an indirect cost allocation.
The reporting entity is fully described in the footnotes of Fruit Heights City’s financial statements. The schedule includes all federal award programs administered by the Fruit Heights City for the year ended June 30, 2023.
Title: C. Basis of Accounting
Accounting Policies: SIGNIFICANT ACCOUNTING POLICIES
De Minimis Rate Used: N
Rate Explanation: The city does not use an indirect cost allocation.
The expenditures in the Schedule are recognized as incurred based on the accrual basis of accounting and the cost accounting principles contained in the Uniform Guidance. The information in the Schedule is presented in accordance with Title 2 U.S. Code of Federal The information in the Schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.
Title: D. Assistance Listing Numbers
Accounting Policies: SIGNIFICANT ACCOUNTING POLICIES
De Minimis Rate Used: N
Rate Explanation: The city does not use an indirect cost allocation.
Uniform Guidance requires the Schedule to show the total expenditures for each of the entity’s federal financial assistance programs as identified with an Assistance Listing Number. Each program is assigned a five-digit program identification number (AL number).
Title: E. Major Programs
Accounting Policies: SIGNIFICANT ACCOUNTING POLICIES
De Minimis Rate Used: N
Rate Explanation: The city does not use an indirect cost allocation.
The Uniform Guidance establishes a risk-based approach to be used in defining major federal financial programs. Major programs are identified in the schedule of findings and questioned costs.
Title: F. Indirect Costs
Accounting Policies: SIGNIFICANT ACCOUNTING POLICIES
De Minimis Rate Used: N
Rate Explanation: The city does not use an indirect cost allocation.
The city does not use an indirect cost allocation.
Title: G. Loan Programs
Accounting Policies: SIGNIFICANT ACCOUNTING POLICIES
De Minimis Rate Used: N
Rate Explanation: The city does not use an indirect cost allocation.
The balance of federal loan programs as of June 30, 2023 was $0.