Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: NOTE A | BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of City of Mason City, Illinois for the year ended April 30, 2024. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 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 of the governmental activities, the business-type activities, each major fund and aggregate remaining fund information of the City of Mason City, Illinois, or the respective changes in financial position or, where applicable, cash flows thereof.
NOTE B | BASIS OF PRESENTATION
Expenditures reported on the Schedule are reported on the modified cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of City of Mason City, Illinois for the year ended April 30, 2024. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 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 of the governmental activities, the business-type activities, each major fund and aggregate remaining fund information of the City of Mason City, Illinois, or the respective changes in financial position or, where applicable, cash flows thereof.
Title: NOTE B - BASIS OF PRESENTATION
Accounting Policies: NOTE A | BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of City of Mason City, Illinois for the year ended April 30, 2024. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 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 of the governmental activities, the business-type activities, each major fund and aggregate remaining fund information of the City of Mason City, Illinois, or the respective changes in financial position or, where applicable, cash flows thereof.
NOTE B | BASIS OF PRESENTATION
Expenditures reported on the Schedule are reported on the modified cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified cash basis of accounting.
Title: NOTE C - U.S. DEPARTMENT OF AGRICULTURE WATER AND WASTE DISPOSAL SYSTEMS FOR RURAL COMMUNITIES LOAN
Accounting Policies: NOTE A | BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of City of Mason City, Illinois for the year ended April 30, 2024. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 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 of the governmental activities, the business-type activities, each major fund and aggregate remaining fund information of the City of Mason City, Illinois, or the respective changes in financial position or, where applicable, cash flows thereof.
NOTE B | BASIS OF PRESENTATION
Expenditures reported on the Schedule are reported on the modified cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The City has received a U.S. Department of Agriculture loan for an improved water and waste disposal system. Federal expenditures included on the Schedule are the total of the loan balance outstanding at the beginning of the year of $ 4,530,000 plus new loan funds received during the year of $ 90,000. The balance of the loan outstanding at April 30, 2024 was:
Outstanding Balance at
CFDA Number Program Name April 30, 2024
USDA Water and Waste Disposal Systems for Rural 10.760 Communities Loan $ 4,530,000
Title: NOTE D - INDIRECT COST RATE
Accounting Policies: NOTE A | BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of City of Mason City, Illinois for the year ended April 30, 2024. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 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 of the governmental activities, the business-type activities, each major fund and aggregate remaining fund information of the City of Mason City, Illinois, or the respective changes in financial position or, where applicable, cash flows thereof.
NOTE B | BASIS OF PRESENTATION
Expenditures reported on the Schedule are reported on the modified cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.
The City has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.