Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Palmyra, Missouri, for the year ended April 30, 2024, and is presented on the modified cash basis of accounting as described below. The information in this Schedule of Expenditures of Federal Awards 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified cash basis of accounting which is described in Note 1 of the City’s financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: The City has elected to not use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
The City of Palmyra, Missouri, did not receive federal awards on behalf of others.
Title: NON-MONETARY FEDERAL AWARDS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Palmyra, Missouri, for the year ended April 30, 2024, and is presented on the modified cash basis of accounting as described below. The information in this Schedule of Expenditures of Federal Awards 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified cash basis of accounting which is described in Note 1 of the City’s financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: The City has elected to not use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
During the year ended April 30, 2024, the City did not receive any non-monetary federal awards.
Title: INSURANCE
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Palmyra, Missouri, for the year ended April 30, 2024, and is presented on the modified cash basis of accounting as described below. The information in this Schedule of Expenditures of Federal Awards 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified cash basis of accounting which is described in Note 1 of the City’s financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: The City has elected to not use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
As of and for the year ended April 30, 2024, the City had no federal insurance in effect.
Title: FEDERAL LOANS AND LOAN GUARANTEES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Palmyra, Missouri, for the year ended April 30, 2024, and is presented on the modified cash basis of accounting as described below. The information in this Schedule of Expenditures of Federal Awards 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on the Schedule of Expenditures of Federal Awards are reported on the modified cash basis of accounting which is described in Note 1 of the City’s financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: The City has elected to not use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
At April 30, 2024, the City had no federal loans or loan guarantees.