Title: 1. Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Fairhope, Alabama and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: City did not elect to charge a de minimis rate
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Fairhope, Alabama and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: 2. Reporting Entity
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Fairhope, Alabama and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: City did not elect to charge a de minimis rate
The City's reporting entity is fully desribed in Note 1 to the financial statatents.
Title: 3. Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Fairhope, Alabama and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: City did not elect to charge a de minimis rate
The City did not provide federal awards to any subrecipients during the year end September 30, 2023
Title: 4. Program Income
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Fairhope, Alabama and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: City did not elect to charge a de minimis rate
The Cit did not have program income during the year ended September 30, 2023
Title: 5. Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Fairhope, Alabama and is presented on the accrual basis of accounting. 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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: City did not elect to charge a de minimis rate
The City did elect to charge a de minimis rate of 10% for federal awards.