Title: CITY OF MATHIS NOTES TO ACCOUNTING POLICIES FOR FEDERAL AWARDS FOR THE FISCAL YEAR ENDING SEPTEMBER 30,2022
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS PREESENTED USING THE A CCRUAL 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 (UNIFORM GUIDANCE). THEREFORE, SOME OF THE AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF, THE FINANCIAL STATEMENTS.
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT ELECT TO APPLY THE 10% DE MINIMIS COST RATE AS DESCRIBED AT 2 CFR S200.414(f) - INDIRECT (F&A) COSTS.
Special revenue funds arre used to account for resources restricted to, or designated for, specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a Special Revenue Fund. Generally, unused balances are returned to the grantor at the close of specified project periods.
Title: CITY OF MATHIS NOTES TO ACCOUNTING POLICIES FOR FEDERAL AWARDS FOR THE FISCAL YEAR ENDING SEPTEMBER 30,2022
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS PREESENTED USING THE A CCRUAL 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 (UNIFORM GUIDANCE). THEREFORE, SOME OF THE AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF, THE FINANCIAL STATEMENTS.
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT ELECT TO APPLY THE 10% DE MINIMIS COST RATE AS DESCRIBED AT 2 CFR S200.414(f) - INDIRECT (F&A) COSTS.
*The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Governmental Fund types are accounted for using a current financial resources measurement focus. All Federal grant funds were accounted for in a Special Revenue Fund or, in some instances, in the General Fund which are Governmental Fund type funds.
Title: CITY OF MATHIS NOTES TO ACCOUNTING POLICIES FOR FEDERAL AWARDS FOR THE FISCAL YEAR ENDING SEPTEMBER 30,2022
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS PREESENTED USING THE A CCRUAL 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 (UNIFORM GUIDANCE). THEREFORE, SOME OF THE AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF, THE FINANCIAL STATEMENTS.
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT ELECT TO APPLY THE 10% DE MINIMIS COST RATE AS DESCRIBED AT 2 CFR S200.414(f) - INDIRECT (F&A) COSTS.
With this measurement focus, only current assets and current liabilities and the fund balance are included on the balance sheet. Operating statements of these funds present increases and decreases in net currect assets. He modified accrual basis of accounting is used for the Governmental Fund types. This basis of accounting recognizes revenues in the accounting period in which they become susceotible to accrual, i.e., both measurable and available , anad expenditures in the accounting period in which the fund liability is incurred, if meassurable, except for unmatured interest on General Long-Term Debt, which is recognized when due, and certain compensated absences and claims and judgements, which are recognized when the obligations are expected to be liquidated with expendable available financial resources. Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant, and, accordingly, when such funds are received, they are recorded as unearned revenues until earned.
Title: CITY OF MATHIS NOTES TO ACCOUNTING POLICIES FOR FEDERAL AWARDS FOR THE FISCAL YEAR ENDING SEPTEMBER 30,2022
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS PREESENTED USING THE A CCRUAL 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 (UNIFORM GUIDANCE). THEREFORE, SOME OF THE AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF, THE FINANCIAL STATEMENTS.
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT ELECT TO APPLY THE 10% DE MINIMIS COST RATE AS DESCRIBED AT 2 CFR S200.414(f) - INDIRECT (F&A) COSTS.
*The City must submit to the pass-through entity, no later that 90 calendar days (or an earlier date as agreed upon by the pass-through entity and the City) after the end of the period of performance, all financial, performance, and other reports as required by the terms and conditions of the Federal award. The Federal awarding agency or pass-through entity may approve extensions when requested and justified by the non-Federal entity, as applicable (2 CFR 200.34(a)).
Title: CITY OF MATHIS NOTES TO ACCOUNTING POLICIES FOR FEDERAL AWARDS FOR THE FISCAL YEAR ENDING SEPTEMBER 30,2022
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS PREESENTED USING THE A CCRUAL 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 (UNIFORM GUIDANCE). THEREFORE, SOME OF THE AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF, THE FINANCIAL STATEMENTS.
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT ELECT TO APPLY THE 10% DE MINIMIS COST RATE AS DESCRIBED AT 2 CFR S200.414(f) - INDIRECT (F&A) COSTS.
Unless the Federal awarding agency or pass-through entity authorizes an extension, a non-Federal entity must liquidate all financial obligations incurred under the Federal award no later than 120 calendar days after the end date of the performance as specified in the terms and conditions of the Federal award (2CFR 200.344(b)).
Title: CITY OF MATHIS NOTES TO ACCOUNTING POLICIES FOR FEDERAL AWARDS FOR THE FISCAL YEAR ENDING SEPTEMBER 30,2022
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS PREESENTED USING THE A CCRUAL 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 (UNIFORM GUIDANCE). THEREFORE, SOME OF THE AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF, THE FINANCIAL STATEMENTS.
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT ELECT TO APPLY THE 10% DE MINIMIS COST RATE AS DESCRIBED AT 2 CFR S200.414(f) - INDIRECT (F&A) COSTS.
The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award programs of the City. The City's reporting entity is defined in Note 1 of the basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through other goverment agencies, are included on the Schedule of Expenditures of Federal Awards.
Title: CITY OF MATHIS NOTES TO ACCOUNTING POLICIES FOR FEDERAL AWARDS FOR THE FISCAL YEAR ENDING SEPTEMBER 30,2022
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS PREESENTED USING THE A CCRUAL 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 (UNIFORM GUIDANCE). THEREFORE, SOME OF THE AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF, THE FINANCIAL STATEMENTS.
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT ELECT TO APPLY THE 10% DE MINIMIS COST RATE AS DESCRIBED AT 2 CFR S200.414(f) - INDIRECT (F&A) COSTS.
The Schedule of Expenditures of Federal Awards is presented using the modified 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, Uniformm Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: CITY OF MATHIS NOTES TO ACCOUNTING POLICIES FOR FEDERAL AWARDS FOR THE FISCAL YEAR ENDING SEPTEMBER 30,2022
Accounting Policies: THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS IS PREESENTED USING THE A CCRUAL 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 (UNIFORM GUIDANCE). THEREFORE, SOME OF THE AMOUNTS PRESENTED IN THIS SCHEDULE MAY DIFFER FROM AMOUNTS PRESENTED IN, OR USED IN THE PREPARATION OF, THE FINANCIAL STATEMENTS.
De Minimis Rate Used: N
Rate Explanation: THE CITY DID NOT ELECT TO APPLY THE 10% DE MINIMIS COST RATE AS DESCRIBED AT 2 CFR S200.414(f) - INDIRECT (F&A) COSTS.
None of the federal progrmas expended by the City were provided to sub-recipients. The City did not elect to apply the 10% de minimis indirect cost rate as described at 2 CFR S 200.414(f) - Indirect Costs.