Title: Note A—Basis of Presentation
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
The accompanying schedule of expenditures of federal awards includes the federal award activity of
Title: Note A—Basis of Presentation
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
the Electric Plant Board of the City of Mayfield, Kentucky, under programs of the federal
Title: Note A—Basis of Presentation
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
government for the year ended June 30, 2024 in accordance with the requirements of Title 2 U. S.
Title: Note A—Basis of Presentation
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Title: Note A—Basis of Presentation
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
Audit Requirements for Federal awards ("Uniform Guidance"). Because the schedule presents only a
Title: Note A—Basis of Presentation
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
selected portion of the operations of the Electric Plant Board of the City of Mayfield, Kentucky,
Title: Note A—Basis of Presentation
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
it is not intended to and does not present
Title: Note A—Basis of Presentation
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
the financial position, changes in net position, or cash flows of the Board.
Title: Note B—Summary of Significant Accounting Policies
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are
Title: Note B—Summary of Significant Accounting Policies
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
recognized following the cost principles contained in Title 2 U. S. Code of Federal Regulations Part 200, Uniform
Title: Note B—Summary of Significant Accounting Policies
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of
Title: Note B—Summary of Significant Accounting Policies
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
expenditures are not allowed or are limited as to reimbursement.
Title: Note C—Indirect Cost Rate
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
The Electric Plant Board of the City of Mayfield, Kentucky, Kentucky has not elected to use the 10 percent de minimis indirect
Title: Note C—Indirect Cost Rate
Accounting Policies: Modifed Accrual Basis
De Minimis Rate Used: N
Rate Explanation: elected not to use 10 percent de minimis
cost rate allowed under the Uniform Guidance.