Title: GENERAL
Accounting Policies: THE CITY OF BEVIL OAKS TEXAS ACCOUNTS FOR FEDERAL FUNDING USING THE MODIFIED ACCRUAL METHOD OF ACCOUNTING. THIS BASIS OF ACCOUNTING RECOGNIZES REVENUES IN THE ACCOUNTING PERIOD IN WHICH THEY BECOME SUSCEPTIBLE TO ACCRUAL, I.E. BOTH MEASURABLE AND AVAILABLE, AND EXPENDITURES IN THE ACCOUNTING PERIOD IN WHICH THE LIABILITY ISINCURRED, IF MEASURABLE, EXCEPT FOR CERTAIN COMPENSATED ABSENCES, CLAIMS AND JUDGEMENTS, WHICH ARE RECOGNIZED WHEN THE OBLIGATIONS ARE EXPECTED TO BE LIQUIDATED WITH EXPENDABLE AVAILABLE FINANCIAL RESOURCES. EQUIPMENT PURCHASES FOR GRANT PURPOSES ARE TREATED AS EXPENSES IN THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND TYPICALLY CAPITALIZED FOR FINANCIAL STATEMENT PURPOSES. FEDERAL GRANT FUNDS ARE CONSIDERED TO BE EARNED TO THE EXTENT OF EXPENSES MADE UNDER THE PROVISIONS OF THE GRANT, AND, ACCORDINGLY, WHEN SUCH FUNDS ARE RECEIVED, THEY ARE RECORDED AS UNEARNED REVENUES UNTIL EARNED. GENERALLY, UNUSED BALANCES ARE RETURNED TO THE GRANTOR AT THE CLOSE OF SPECIFIC PROJECT PERIODS.
De Minimis Rate Used: N
Rate Explanation: The City of Bevil Oaks did not elect to use the 10% deminimus indirect cost rate.
The accompanying Schedule of Expenditures of Federal and State Financial Awards presents the activity of all Federal and State financial assistance programs of the City of Bevil Oaks, Texas. All federal awards received directly from Federal agencies and State and Federal awards passed through State agencies are included on the schedule.
Title: BASIS OF ACCOUNTING
Accounting Policies: THE CITY OF BEVIL OAKS TEXAS ACCOUNTS FOR FEDERAL FUNDING USING THE MODIFIED ACCRUAL METHOD OF ACCOUNTING. THIS BASIS OF ACCOUNTING RECOGNIZES REVENUES IN THE ACCOUNTING PERIOD IN WHICH THEY BECOME SUSCEPTIBLE TO ACCRUAL, I.E. BOTH MEASURABLE AND AVAILABLE, AND EXPENDITURES IN THE ACCOUNTING PERIOD IN WHICH THE LIABILITY ISINCURRED, IF MEASURABLE, EXCEPT FOR CERTAIN COMPENSATED ABSENCES, CLAIMS AND JUDGEMENTS, WHICH ARE RECOGNIZED WHEN THE OBLIGATIONS ARE EXPECTED TO BE LIQUIDATED WITH EXPENDABLE AVAILABLE FINANCIAL RESOURCES. EQUIPMENT PURCHASES FOR GRANT PURPOSES ARE TREATED AS EXPENSES IN THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND TYPICALLY CAPITALIZED FOR FINANCIAL STATEMENT PURPOSES. FEDERAL GRANT FUNDS ARE CONSIDERED TO BE EARNED TO THE EXTENT OF EXPENSES MADE UNDER THE PROVISIONS OF THE GRANT, AND, ACCORDINGLY, WHEN SUCH FUNDS ARE RECEIVED, THEY ARE RECORDED AS UNEARNED REVENUES UNTIL EARNED. GENERALLY, UNUSED BALANCES ARE RETURNED TO THE GRANTOR AT THE CLOSE OF SPECIFIC PROJECT PERIODS.
De Minimis Rate Used: N
Rate Explanation: The City of Bevil Oaks did not elect to use the 10% deminimus indirect cost rate.
The City of Bevil Oaks, Texas accounts for federal funding using the modified accrual method of accounting. This basis of accounting recognizes revenues in the accounting period in which they become susceptible to accrual, i.e. both measurable and available, and expenditures in the accounting period in which the liability is incurred, if measurable, except for certain compensated absences, claims and judgments, which are recognized when the obligations are expected to be liquidated with expendable available financial resources. Equipment purchases for grant purposes are treated as expenses in the schedule of expenditures of federal awards and typically capitalized for financial statement purposes. Federal grant funds are considered to be earned to the extent of expenses made under the provisions of
the grant, and, accordingly, when such funds are received, they are recorded as unearned revenues until
earned. Generally, unused balances are returned to the grantor at the close of specified project periods.
Title: BASIS OF PRESENTATION
Accounting Policies: THE CITY OF BEVIL OAKS TEXAS ACCOUNTS FOR FEDERAL FUNDING USING THE MODIFIED ACCRUAL METHOD OF ACCOUNTING. THIS BASIS OF ACCOUNTING RECOGNIZES REVENUES IN THE ACCOUNTING PERIOD IN WHICH THEY BECOME SUSCEPTIBLE TO ACCRUAL, I.E. BOTH MEASURABLE AND AVAILABLE, AND EXPENDITURES IN THE ACCOUNTING PERIOD IN WHICH THE LIABILITY ISINCURRED, IF MEASURABLE, EXCEPT FOR CERTAIN COMPENSATED ABSENCES, CLAIMS AND JUDGEMENTS, WHICH ARE RECOGNIZED WHEN THE OBLIGATIONS ARE EXPECTED TO BE LIQUIDATED WITH EXPENDABLE AVAILABLE FINANCIAL RESOURCES. EQUIPMENT PURCHASES FOR GRANT PURPOSES ARE TREATED AS EXPENSES IN THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND TYPICALLY CAPITALIZED FOR FINANCIAL STATEMENT PURPOSES. FEDERAL GRANT FUNDS ARE CONSIDERED TO BE EARNED TO THE EXTENT OF EXPENSES MADE UNDER THE PROVISIONS OF THE GRANT, AND, ACCORDINGLY, WHEN SUCH FUNDS ARE RECEIVED, THEY ARE RECORDED AS UNEARNED REVENUES UNTIL EARNED. GENERALLY, UNUSED BALANCES ARE RETURNED TO THE GRANTOR AT THE CLOSE OF SPECIFIC PROJECT PERIODS.
De Minimis Rate Used: N
Rate Explanation: The City of Bevil Oaks did not elect to use the 10% deminimus indirect cost rate.
The schedule of expenditures of federal awards includes the federal grant activities of the City of Bevil Oaks, Texas on the accrual basis of accounting. The information in this schedule is presented in accordance with requirements of Title 2 U. S. Code of Regulations Part 200, Uniform Administrative 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 Bevil Oaks, Texas, it is not intended to and does not present the financial position, changes in net position or cash flows of the City of Bevil Oaks, Texas. statements.
Title: DE MINIMUS INDIRECT COST RATE
Accounting Policies: THE CITY OF BEVIL OAKS TEXAS ACCOUNTS FOR FEDERAL FUNDING USING THE MODIFIED ACCRUAL METHOD OF ACCOUNTING. THIS BASIS OF ACCOUNTING RECOGNIZES REVENUES IN THE ACCOUNTING PERIOD IN WHICH THEY BECOME SUSCEPTIBLE TO ACCRUAL, I.E. BOTH MEASURABLE AND AVAILABLE, AND EXPENDITURES IN THE ACCOUNTING PERIOD IN WHICH THE LIABILITY ISINCURRED, IF MEASURABLE, EXCEPT FOR CERTAIN COMPENSATED ABSENCES, CLAIMS AND JUDGEMENTS, WHICH ARE RECOGNIZED WHEN THE OBLIGATIONS ARE EXPECTED TO BE LIQUIDATED WITH EXPENDABLE AVAILABLE FINANCIAL RESOURCES. EQUIPMENT PURCHASES FOR GRANT PURPOSES ARE TREATED AS EXPENSES IN THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND TYPICALLY CAPITALIZED FOR FINANCIAL STATEMENT PURPOSES. FEDERAL GRANT FUNDS ARE CONSIDERED TO BE EARNED TO THE EXTENT OF EXPENSES MADE UNDER THE PROVISIONS OF THE GRANT, AND, ACCORDINGLY, WHEN SUCH FUNDS ARE RECEIVED, THEY ARE RECORDED AS UNEARNED REVENUES UNTIL EARNED. GENERALLY, UNUSED BALANCES ARE RETURNED TO THE GRANTOR AT THE CLOSE OF SPECIFIC PROJECT PERIODS.
De Minimis Rate Used: N
Rate Explanation: The City of Bevil Oaks did not elect to use the 10% deminimus indirect cost rate.
The City of Bevil Oaks,Texas does not use the 10% deminimis indirect cost rate.
Title: SUBRECIPIENTS
Accounting Policies: THE CITY OF BEVIL OAKS TEXAS ACCOUNTS FOR FEDERAL FUNDING USING THE MODIFIED ACCRUAL METHOD OF ACCOUNTING. THIS BASIS OF ACCOUNTING RECOGNIZES REVENUES IN THE ACCOUNTING PERIOD IN WHICH THEY BECOME SUSCEPTIBLE TO ACCRUAL, I.E. BOTH MEASURABLE AND AVAILABLE, AND EXPENDITURES IN THE ACCOUNTING PERIOD IN WHICH THE LIABILITY ISINCURRED, IF MEASURABLE, EXCEPT FOR CERTAIN COMPENSATED ABSENCES, CLAIMS AND JUDGEMENTS, WHICH ARE RECOGNIZED WHEN THE OBLIGATIONS ARE EXPECTED TO BE LIQUIDATED WITH EXPENDABLE AVAILABLE FINANCIAL RESOURCES. EQUIPMENT PURCHASES FOR GRANT PURPOSES ARE TREATED AS EXPENSES IN THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND TYPICALLY CAPITALIZED FOR FINANCIAL STATEMENT PURPOSES. FEDERAL GRANT FUNDS ARE CONSIDERED TO BE EARNED TO THE EXTENT OF EXPENSES MADE UNDER THE PROVISIONS OF THE GRANT, AND, ACCORDINGLY, WHEN SUCH FUNDS ARE RECEIVED, THEY ARE RECORDED AS UNEARNED REVENUES UNTIL EARNED. GENERALLY, UNUSED BALANCES ARE RETURNED TO THE GRANTOR AT THE CLOSE OF SPECIFIC PROJECT PERIODS.
De Minimis Rate Used: N
Rate Explanation: The City of Bevil Oaks did not elect to use the 10% deminimus indirect cost rate.
The City of Bevil Oaks, Texas does not have any subrecipients.