Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) includes the federal and state grant activity of the City of Munford, Tennessee (the City) under programs of the federal and state governments for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) includes the federal and state grant activity of the City of Munford, Tennessee (the City) under programs of the federal and state
governments for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a
selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) includes the federal and state grant activity of the City of Munford, Tennessee (the City) under programs of the federal and state governments for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
1) 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. 2) Pass-through entity identifying numbers are presented where available.
3) There were no federal awards passed through to subrecipients. 4) The City has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE C – RECONCILIATION OF THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE
FINANCIAL ASSISTANCE TO THE FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) includes the federal and state grant activity of the City of Munford, Tennessee (the City) under programs of the federal and state governments for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The following is a reconciliation of expenditures per the schedule of expenditures of federal awards and state financial
assistance to the revenue balances in the City’s financial statements: Total grant revenue per governmental funds financial statements $ 1,740,614 Less: Decrease in unavailable revenue at the fund level (169,008) Less: Non-federal and non-state grants ( 8,540) Total federal awards and state financial assistance $ 1,563,066