Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Stover, Missouri, under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Adminstractive 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 Stover, Missouri, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Stover, Missouri.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherin certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Stover, Missouri, under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Adminstractive 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 Stover, Missouri, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Stover, Missouri.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City of Stover, Missouri did not provide any federal awards to subrecipients.
Title: Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Stover, Missouri, under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Adminstractive 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 Stover, Missouri, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Stover, Missouri.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In 2008 the City of Stover, Missouri received loans from the United States Department of Agriculture through the Community Facilities Loan Program, ALN 10.766. The granting agency imposed continuing compliance requirements. Loans outstanding at the beginning of the year are included in the Schedule of Expenditures of Federal Awards. As of June 30, 2022, the loans were paid off.