Title: Basis of Presentation
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the City of Central Falls, Rhode Island 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 City of Central Falls, Rhode Island, it is not intended to and does not present the financial position, changes in net position/fund balance, or cash flows of the City of Central Falls, Rhode
Island.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
NOTE 3 - INDIRECT COST RATE
City of Central Falls, Rhode Island has elected not to use the 10-percent de Minimis indirect cost rate.
NOTE 4 - DISASTER GRANTS – PUBLIC ASSISTANCE (PRESIDENTIALLY DECLARED DISASTERS) (ALN 97.036)
After a presidentially declared disaster, FEMA provides Disaster Grants – Public Assistance (Presidentially Declared Disasters) (ALN 97.036) to reimburse eligible costs associated with repair, replacement or restoration of disaster-damaged facilities. The federal government makes reimbursements in the form of cost-shared grants that require state matching funds.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the City of Central Falls, Rhode Island 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 City of Central Falls, Rhode Island, it is not intended to and does not present the financial
position, changes in net position/fund balance, or cash flows of the City of Central Falls, Rhode Island.
Title: Summary of Significant Accounting Policies
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the City of Central Falls, Rhode Island 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 City of Central Falls, Rhode Island, it is not intended to and does not present the financial position, changes in net position/fund balance, or cash flows of the City of Central Falls, Rhode
Island.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
NOTE 3 - INDIRECT COST RATE
City of Central Falls, Rhode Island has elected not to use the 10-percent de Minimis indirect cost rate.
NOTE 4 - DISASTER GRANTS – PUBLIC ASSISTANCE (PRESIDENTIALLY DECLARED DISASTERS) (ALN 97.036)
After a presidentially declared disaster, FEMA provides Disaster Grants – Public Assistance (Presidentially Declared Disasters) (ALN 97.036) to reimburse eligible costs associated with repair, replacement or restoration of disaster-damaged facilities. The federal government makes reimbursements in the form of cost-shared grants that require state matching funds.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
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: Indirect Cost Rate
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the City of Central Falls, Rhode Island 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 City of Central Falls, Rhode Island, it is not intended to and does not present the financial position, changes in net position/fund balance, or cash flows of the City of Central Falls, Rhode
Island.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
NOTE 3 - INDIRECT COST RATE
City of Central Falls, Rhode Island has elected not to use the 10-percent de Minimis indirect cost rate.
NOTE 4 - DISASTER GRANTS – PUBLIC ASSISTANCE (PRESIDENTIALLY DECLARED DISASTERS) (ALN 97.036)
After a presidentially declared disaster, FEMA provides Disaster Grants – Public Assistance (Presidentially Declared Disasters) (ALN 97.036) to reimburse eligible costs associated with repair, replacement or restoration of disaster-damaged facilities. The federal government makes reimbursements in the form of cost-shared grants that require state matching funds.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
City of Central Falls, Rhode Island has elected not to use the 10-percent de Minimis indirect cost rate.
Title: DISASTER GRANTS – PUBLIC ASSISTANCE (PRESIDENTIALLY DECLARED DISASTERS)
(ALN 97.036)
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the City of Central Falls, Rhode Island 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 City of Central Falls, Rhode Island, it is not intended to and does not present the financial position, changes in net position/fund balance, or cash flows of the City of Central Falls, Rhode
Island.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
NOTE 3 - INDIRECT COST RATE
City of Central Falls, Rhode Island has elected not to use the 10-percent de Minimis indirect cost rate.
NOTE 4 - DISASTER GRANTS – PUBLIC ASSISTANCE (PRESIDENTIALLY DECLARED DISASTERS) (ALN 97.036)
After a presidentially declared disaster, FEMA provides Disaster Grants – Public Assistance (Presidentially Declared Disasters) (ALN 97.036) to reimburse eligible costs associated with repair, replacement or restoration of disaster-damaged facilities. The federal government makes reimbursements in the form of cost-shared grants that require state matching funds.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
After a presidentially declared disaster, FEMA provides Disaster Grants – Public Assistance (Presidentially Declared Disasters) (ALN 97.036) to reimburse eligible costs associated with repair, replacement or restoration of disaster-damaged facilities. The federal government makes reimbursements in the form of cost-shared grants that require state matching funds.