Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, includes the federal award activity of the City of Louisville, Mississippi under programs of the federal and state governments for the year ended September 30, 2021. The schedule presents only a selected portion of the operations of the City of Louisville, Mississippi and is not intended to, and does not, present the financial position, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The entity did not use the de minimus cost rate
The accompanying Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, includes the federal award activity of the City of Louisville, Mississippi under programs of the federal and state governments for the year ended September 30, 2022. The schedule presents only a selected portion of the operations of the City of Louisville, Mississippi and is not intended to, and does not, present the financial position, changes in net position, or cash flows of the City.
Title: Note 2 - Basis Of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, includes the federal award activity of the City of Louisville, Mississippi under programs of the federal and state governments for the year ended September 30, 2021. The schedule presents only a selected portion of the operations of the City of Louisville, Mississippi and is not intended to, and does not, present the financial position, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The entity did not use the de minimus cost rate
The schedule is prepared on the same basis of accounting as the City of Louisville, Mississippi’s financial statements. The City uses the current financial resource measurement focus and the modified accrual basis of accounting.
Title: Note 3 - Program Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, includes the federal award activity of the City of Louisville, Mississippi under programs of the federal and state governments for the year ended September 30, 2021. The schedule presents only a selected portion of the operations of the City of Louisville, Mississippi and is not intended to, and does not, present the financial position, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The entity did not use the de minimus cost rate
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Entire program costs, including the City’s portion, are more than shown. Such expenditures are recognized following the cost principals contained in OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to its reimbursements.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, includes the federal award activity of the City of Louisville, Mississippi under programs of the federal and state governments for the year ended September 30, 2021. The schedule presents only a selected portion of the operations of the City of Louisville, Mississippi and is not intended to, and does not, present the financial position, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The entity did not use the de minimus cost rate
The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance