Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Mount Jackson, Virginia under programs of the federal government 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Town of Mount Jackson, Virginia, it is not intended to and does not present the financial position, change in net position, or cash flows of the Town of Mount Jackson, Virginia.
Title: NOTE C - SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No awards were passed through to subrecipients.
Title: NOTE D - LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Town was approved by the USDA Rural Utilities Service to receive a loan totaling $4,733,000 to install an equalization tank at the wastewater treatment plant. Interim loan financing was received through First Bank for the construction period. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at the end of the period is $1,098,575.
Title: NOTE E - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal expenditures, revenues, and debt issuances are reported in the Town's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements: Governmental funds: General fund $ 730,400 General capital projects fund 56,121
Enterprise funds: Water and sewer fund 555,619
Total primary government intergovernmental federal revenues $ 1,342,140 Water and waste disposal systems for rural communities current year debt issuance reported as long-term debt in the Water and Sewer fund $ 948,575 Total primary government $ 2,290,715 Total federal expenditures per the Schedule of Expenditures of Federal Awards $ 2,290,715