Title: Reporting Entity
Accounting Policies: THE SEFA IS PREPARED ON THE MODIFIED ACCRUAL BASIS OF ACCOUTNING
De Minimis Rate Used: N
Rate Explanation: During the year ended September 30, 2022, the City did not receive non-cash federal assistance.
The reporting entity for the schedule of expenditures of federal awards includes the City of Tarrant, Alabama ("the City").
Title: Basis of Presentation
Accounting Policies: THE SEFA IS PREPARED ON THE MODIFIED ACCRUAL BASIS OF ACCOUTNING
De Minimis Rate Used: N
Rate Explanation: During the year ended September 30, 2022, the City did not receive non-cash federal assistance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Tarrant, Alabama ("the City") and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent the financial position of the City.
Title: Program Income
Accounting Policies: THE SEFA IS PREPARED ON THE MODIFIED ACCRUAL BASIS OF ACCOUTNING
De Minimis Rate Used: N
Rate Explanation: During the year ended September 30, 2022, the City did not receive non-cash federal assistance.
None
Title: Indirect Cost Rate
Accounting Policies: THE SEFA IS PREPARED ON THE MODIFIED ACCRUAL BASIS OF ACCOUTNING
De Minimis Rate Used: N
Rate Explanation: During the year ended September 30, 2022, the City did not receive non-cash federal assistance.
The Uniform Guidance allows an organization to elect a 10% de minimums indirect cost rate. For the year ended September 30, 2022, the City did not elect to use this rate.
Title: Federally Funded Insurance and Federally Funded Loans.
Accounting Policies: THE SEFA IS PREPARED ON THE MODIFIED ACCRUAL BASIS OF ACCOUTNING
De Minimis Rate Used: N
Rate Explanation: During the year ended September 30, 2022, the City did not receive non-cash federal assistance.
The City did not have any federal loans or loan guarantees outstanding during the year ended September 30, 2022.
Title: Non-cash Assistance
Accounting Policies: THE SEFA IS PREPARED ON THE MODIFIED ACCRUAL BASIS OF ACCOUTNING
De Minimis Rate Used: N
Rate Explanation: During the year ended September 30, 2022, the City did not receive non-cash federal assistance.
During the year ended September 30, 2022, the City did not receive non-cash federal assistance.