Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Amory - Electric Department 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). Therefore, some amounts in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the City of Amory - Electric Department, it is not intended and does not present the financial position, changes in net assets, or cash flows of the City of Amory - Electric Department.
De Minimis Rate Used: N
Rate Explanation: The Department has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Amory - Electric Department 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). Therefore, some amounts in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the City of Amory - Electric Department, it is not intended and does not present the financial position, changes in net assets, or cash flows of the City of Amory - Electric Department.
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Amory - Electric Department 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). Therefore, some amounts in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the City of Amory - Electric Department, it is not intended and does not present the financial position, changes in net assets, or cash flows of the City of Amory - Electric Department.
De Minimis Rate Used: N
Rate Explanation: The Department has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
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.
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Amory - Electric Department 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). Therefore, some amounts in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the City of Amory - Electric Department, it is not intended and does not present the financial position, changes in net assets, or cash flows of the City of Amory - Electric Department.
De Minimis Rate Used: N
Rate Explanation: The Department has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform
The Department has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.