Title: 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Amounts reported in the schedule of expenditures of federal awards are recognized on the modified accrual basis when they become a demand on current available federal resources and eligibility requirements are met, or on the accrual basis, at the time liabilities are incurred and all eligibility requirements are met, depending on the basis of accounting used by the respective fund. Such expenditures are recognized following the cost principles in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the de minimis ten percent indirect cost rate.
Amounts reported in the schedule of expenditures of federal awards are recognized on the modified accrual basis when they become a demand on current available federal resources and eligibility requirements are met, or on the accrual basis, at the time liabilities are incurred and all eligibility requirements are met, depending on the basis of accounting used by the respective fund. Such expenditures are recognized following the cost principles in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: 2 BASIS OF PRESENTATION
Accounting Policies: Amounts reported in the schedule of expenditures of federal awards are recognized on the modified accrual basis when they become a demand on current available federal resources and eligibility requirements are met, or on the accrual basis, at the time liabilities are incurred and all eligibility requirements are met, depending on the basis of accounting used by the respective fund. Such expenditures are recognized following the cost principles in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the de minimis ten percent indirect cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Town of Geraldine, Choteau County, Montana and 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. Therefore, amounts presented in this schedule differ from amounts presented in, or used in, the preparation of the financial statements. In accordance with Uniform Administrative requirements, the federal expenditures include the amount of the outstanding balance of the USDA Rural Development Water and Waste Disposal Systems Loan for Rural Communities as of July 1, 2021, in the amount of $574,509. The balance of the loan at June 30, 2022 was $562,672.
Title: 3 10% DE MINIMIS INDIRECT COST
Accounting Policies: Amounts reported in the schedule of expenditures of federal awards are recognized on the modified accrual basis when they become a demand on current available federal resources and eligibility requirements are met, or on the accrual basis, at the time liabilities are incurred and all eligibility requirements are met, depending on the basis of accounting used by the respective fund. Such expenditures are recognized following the cost principles in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the de minimis ten percent indirect cost rate.
The Town has elected not to use the de minimis ten percent indirect cost rate.
Title: 4 SUB-RECIPIENTS
Accounting Policies: Amounts reported in the schedule of expenditures of federal awards are recognized on the modified accrual basis when they become a demand on current available federal resources and eligibility requirements are met, or on the accrual basis, at the time liabilities are incurred and all eligibility requirements are met, depending on the basis of accounting used by the respective fund. Such expenditures are recognized following the cost principles in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town has elected not to use the de minimis ten percent indirect cost rate.
Of the federal expenditures presented in the schedule, the Town provided no federal awards to sub-recipients.