Title: Basis of Presentation
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: Y
Rate Explanation: For purposes of charging indirect costs to federal awards, the City has elected to use the 10% de minimis cost rate as permitted by CFR Section 200.414 of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of City of St. Ignace, Michigan under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), 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 St. Ignace, Michigan it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of St. Ignace, Michigan.
Title: Summary of Significant Accounting Policies
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: Y
Rate Explanation: For purposes of charging indirect costs to federal awards, the City has elected to use the 10% de minimis cost rate as permitted by CFR Section 200.414 of the Uniform Guidance.
Expenditures reported on the Schedule are reported on the 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 to reimbursement.
Title: Indirect Cost
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: Y
Rate Explanation: For purposes of charging indirect costs to federal awards, the City has elected to use the 10% de minimis cost rate as permitted by CFR Section 200.414 of the Uniform Guidance.
For purposes of charging indirect costs to federal awards, the City has elected to use the 10% de minimis cost rate as permitted by CFR Section 200.414 of the Uniform Guidance.
Title: Loan and Loan Guarantee Programs
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: Y
Rate Explanation: For purposes of charging indirect costs to federal awards, the City has elected to use the 10% de minimis cost rate as permitted by CFR Section 200.414 of the Uniform Guidance.
The City had outstanding federal loan balances as of December 31, 2023 of: 1999A/1999B USDA Sewage Disposal Revenue Bond $493,010; 2000 USDA Series Water Supply System Revenue Bond $1,709,000; 2010 USDA Sewer Capital Improvement Revenue Bond $1,784,000; 2014 USDA Capital Improvement General Obligation Bond $640,000; 2015 USDA Capital Improvement General Obligation Bond $23,000; 2019A/2019B USDA Building Authority General Obligation Bond $2,222,000; 2019 USDA Sewer Capital Improvement General Obligation Bond $1,134,000; Total $8,005,010.
Title: Reconciliation to the Statemetn of Revenue, Expenditures and Changes in Fund Balance
Accounting Policies: Accrual Basis of Accounting
De Minimis Rate Used: Y
Rate Explanation: For purposes of charging indirect costs to federal awards, the City has elected to use the 10% de minimis cost rate as permitted by CFR Section 200.414 of the Uniform Guidance.
The following is a reconciliation of the amounts reported on the basic financial statements to the Schedule of Expenditures of Federal Awards: Total Federal Revenue Recognized per Schedule of Expenditures of Federal Awards $2,485,043. LESS Beginning Balance of Federal Loans with Continuing Compliance Requirements ($2,315,000). Total Federal Sources per Financial Statements $170,043. Total Federal Sources per Financial Statements of Primary Government $127,043. Total Federal Sources per Financial Statement of Component Units $43,000.