Title: Matching Requirements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The Village of Carleton under programs of the federal government for the year ended February 29, 2024. 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). Because the Schedule presents only a selected portion of the operations of the Village of Carleton, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Village of Carleton. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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 a reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Village of Carleton elected not to use the diminimus indirect cost rate as allowed under the Uniform Guidance.
Certain federal programs require that the Village contribute non-federal funds (matching funds) to support the federally-funded programs. The Village has complied with the matching requirements. The expenditure of non-federal matching funds is not included on the Schedule.
Title: Loan or Loan Guarantee Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The Village of Carleton under programs of the federal government for the year ended February 29, 2024. 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). Because the Schedule presents only a selected portion of the operations of the Village of Carleton, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Village of Carleton. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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 a reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Village of Carleton elected not to use the diminimus indirect cost rate as allowed under the Uniform Guidance.
The Village of Carleton was approved by the USDA Rural Utilities Service to receive two loans in the amount of $8,136,000 and $780,000, respectively, to undertake a project of acquisition, construction, furnishment and equipping Sewage Disposal System improvements, including sewer lining and wastewater treatment plant improvements with all related site improvements, appurtenances and attachments. The amount listed for this loan includes the proceeds used during the year. The loans are also reported on the Village’s Statement of Net Position.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The Village of Carleton under programs of the federal government for the year ended February 29, 2024. 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). Because the Schedule presents only a selected portion of the operations of the Village of Carleton, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Village of Carleton. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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 a reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Village of Carleton elected not to use the diminimus indirect cost rate as allowed under the Uniform Guidance.
The Village of Carleton does not have any subrecipients
Title: Reconciliation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of The Village of Carleton under programs of the federal government for the year ended February 29, 2024. 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). Because the Schedule presents only a selected portion of the operations of the Village of Carleton, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Village of Carleton. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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 a reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Village of Carleton elected not to use the diminimus indirect cost rate as allowed under the Uniform Guidance.
The amounts reported for federal grants on the Statement of Revenues, Expenditures, and Changes in Fund Balance reconcile with this schedule.