Notes to SEFA
Accounting Policies: Note 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards (the schedule) includes the federal award of the City of Ardmore (the CITY) under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Regulations Part 200. Uniform Administrative Requirements, Cost Principals, and Audit requirement for Federal Awards (Uniform Guidance). Because the Schedule presents only 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.Note 2. Summary of Significant Accounting PolicesExpenditures reported of the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.Note 3 Indirect Cost RateThe City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.