Title: BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Kearns Improvement District (the District) under programs of the federal government for the year ended December 31, 2023 . The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 District, it is not intended to and does not present the financial position, changes in net position or fund balance, or cash flows of the District. Federal financial assistance is 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, endowments, or direct appropriations. Federal financial
assistance does not include direct federal cash assistance to individuals.
Assistance Listing Number (ALN) – Uniform Guidance requires the Schedule to show the total
expenditures for each of the District's federal financial assistance programs as identified by the
ALN (formerly the Catalog of Federal Domestic Assistance (CFDA)). The ALN is a
government-wide summary of individual federal programs. Each program included is assigned
a five-digit program identification number (ALN) which is reflected in the Schedule. Federal
financial assistance programs and contracts which have not been assigned an ALN have been
identified as “None” in the ALN Column of the Schedule.
Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform
Guidance establish the levels to be used in defining Type A and Type B federal programs. Type
A programs for the District are those programs that exceeded $750,000 in the federal awards
expended for the fiscal year ended June 30, 2023. All other programs are classified as Type B
by the District.
De Minimis Rate Used: N
Rate Explanation: The District used direct costs for all grants and did not allocate indirect costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Kearns Improvement District (the District) under programs of the federal government for the year ended December 31, 2023 . The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 District, it is not intended to and does not present the financial position, changes in net position or fund balance, or cash flows of the District.
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Kearns Improvement District (the District) under programs of the federal government for the year ended December 31, 2023 . The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 District, it is not intended to and does not present the financial position, changes in net position or fund balance, or cash flows of the District. Federal financial assistance is 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, endowments, or direct appropriations. Federal financial
assistance does not include direct federal cash assistance to individuals.
Assistance Listing Number (ALN) – Uniform Guidance requires the Schedule to show the total
expenditures for each of the District's federal financial assistance programs as identified by the
ALN (formerly the Catalog of Federal Domestic Assistance (CFDA)). The ALN is a
government-wide summary of individual federal programs. Each program included is assigned
a five-digit program identification number (ALN) which is reflected in the Schedule. Federal
financial assistance programs and contracts which have not been assigned an ALN have been
identified as “None” in the ALN Column of the Schedule.
Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform
Guidance establish the levels to be used in defining Type A and Type B federal programs. Type
A programs for the District are those programs that exceeded $750,000 in the federal awards
expended for the fiscal year ended June 30, 2023. All other programs are classified as Type B
by the District.
De Minimis Rate Used: N
Rate Explanation: The District used direct costs for all grants and did not allocate indirect costs.
Federal financial assistance is 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, endowments, or direct appropriations. Federal financial
assistance does not include direct federal cash assistance to individuals.
Assistance Listing Number (ALN) – Uniform Guidance requires the Schedule to show the total
expenditures for each of the District's federal financial assistance programs as identified by the
ALN (formerly the Catalog of Federal Domestic Assistance (CFDA)). The ALN is a
government-wide summary of individual federal programs. Each program included is assigned
a five-digit program identification number (ALN) which is reflected in the Schedule. Federal
financial assistance programs and contracts which have not been assigned an ALN have been
identified as “None” in the ALN Column of the Schedule.
Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform
Guidance establish the levels to be used in defining Type A and Type B federal programs. Type
A programs for the District are those programs that exceeded $750,000 in the federal awards
expended for the fiscal year ended June 30, 2023. All other programs are classified as Type B
by the District.
Title: Reporting Entity
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Kearns Improvement District (the District) under programs of the federal government for the year ended December 31, 2023 . The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 District, it is not intended to and does not present the financial position, changes in net position or fund balance, or cash flows of the District. Federal financial assistance is 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, endowments, or direct appropriations. Federal financial
assistance does not include direct federal cash assistance to individuals.
Assistance Listing Number (ALN) – Uniform Guidance requires the Schedule to show the total
expenditures for each of the District's federal financial assistance programs as identified by the
ALN (formerly the Catalog of Federal Domestic Assistance (CFDA)). The ALN is a
government-wide summary of individual federal programs. Each program included is assigned
a five-digit program identification number (ALN) which is reflected in the Schedule. Federal
financial assistance programs and contracts which have not been assigned an ALN have been
identified as “None” in the ALN Column of the Schedule.
Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform
Guidance establish the levels to be used in defining Type A and Type B federal programs. Type
A programs for the District are those programs that exceeded $750,000 in the federal awards
expended for the fiscal year ended June 30, 2023. All other programs are classified as Type B
by the District.
De Minimis Rate Used: N
Rate Explanation: The District used direct costs for all grants and did not allocate indirect costs.
The District reporting entity is fully described in Footnote 1 of the District's basic financial statements. The Schedule includes all federal financial assistance programs administered by the District for the year ended December 31, 2023.
Title: Basis of Accounting
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Kearns Improvement District (the District) under programs of the federal government for the year ended December 31, 2023 . The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 District, it is not intended to and does not present the financial position, changes in net position or fund balance, or cash flows of the District. Federal financial assistance is 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, endowments, or direct appropriations. Federal financial
assistance does not include direct federal cash assistance to individuals.
Assistance Listing Number (ALN) – Uniform Guidance requires the Schedule to show the total
expenditures for each of the District's federal financial assistance programs as identified by the
ALN (formerly the Catalog of Federal Domestic Assistance (CFDA)). The ALN is a
government-wide summary of individual federal programs. Each program included is assigned
a five-digit program identification number (ALN) which is reflected in the Schedule. Federal
financial assistance programs and contracts which have not been assigned an ALN have been
identified as “None” in the ALN Column of the Schedule.
Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform
Guidance establish the levels to be used in defining Type A and Type B federal programs. Type
A programs for the District are those programs that exceeded $750,000 in the federal awards
expended for the fiscal year ended June 30, 2023. All other programs are classified as Type B
by the District.
De Minimis Rate Used: N
Rate Explanation: The District used direct costs for all grants and did not allocate indirect costs.
Expenditures reported in the Schedule are reported on the same basis of accounting as described in Footnote 1 of the District's basic financial statements. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Kearns Improvement District (the District) under programs of the federal government for the year ended December 31, 2023 . The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 District, it is not intended to and does not present the financial position, changes in net position or fund balance, or cash flows of the District. Federal financial assistance is 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, endowments, or direct appropriations. Federal financial
assistance does not include direct federal cash assistance to individuals.
Assistance Listing Number (ALN) – Uniform Guidance requires the Schedule to show the total
expenditures for each of the District's federal financial assistance programs as identified by the
ALN (formerly the Catalog of Federal Domestic Assistance (CFDA)). The ALN is a
government-wide summary of individual federal programs. Each program included is assigned
a five-digit program identification number (ALN) which is reflected in the Schedule. Federal
financial assistance programs and contracts which have not been assigned an ALN have been
identified as “None” in the ALN Column of the Schedule.
Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform
Guidance establish the levels to be used in defining Type A and Type B federal programs. Type
A programs for the District are those programs that exceeded $750,000 in the federal awards
expended for the fiscal year ended June 30, 2023. All other programs are classified as Type B
by the District.
De Minimis Rate Used: N
Rate Explanation: The District used direct costs for all grants and did not allocate indirect costs.
The District has not elected to use the 10% de minimis cost rate.
Title: NON-CASH ASSISTANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Kearns Improvement District (the District) under programs of the federal government for the year ended December 31, 2023 . The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 District, it is not intended to and does not present the financial position, changes in net position or fund balance, or cash flows of the District. Federal financial assistance is 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, endowments, or direct appropriations. Federal financial
assistance does not include direct federal cash assistance to individuals.
Assistance Listing Number (ALN) – Uniform Guidance requires the Schedule to show the total
expenditures for each of the District's federal financial assistance programs as identified by the
ALN (formerly the Catalog of Federal Domestic Assistance (CFDA)). The ALN is a
government-wide summary of individual federal programs. Each program included is assigned
a five-digit program identification number (ALN) which is reflected in the Schedule. Federal
financial assistance programs and contracts which have not been assigned an ALN have been
identified as “None” in the ALN Column of the Schedule.
Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform
Guidance establish the levels to be used in defining Type A and Type B federal programs. Type
A programs for the District are those programs that exceeded $750,000 in the federal awards
expended for the fiscal year ended June 30, 2023. All other programs are classified as Type B
by the District.
De Minimis Rate Used: N
Rate Explanation: The District used direct costs for all grants and did not allocate indirect costs.
No federal awards were expended in the form of non-cash assistance.