Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes
the federal award activity of the City of Waverly, Iowa 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 Waverly, it is not
intended to and does not present the financial position, changes in net position, or cash flows of the City of Waverly.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the cash
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. The City of Waverly has not
elected to use the 10% 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 City of Waverly, Iowa 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 Waverly, it is not
intended to and does not present the financial position, changes in net position, or cash flows of the City of Waverly.
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes
the federal award activity of the City of Waverly, Iowa 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 Waverly, it is not
intended to and does not present the financial position, changes in net position, or cash flows of the City of Waverly.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the cash
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. The City of Waverly has not
elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the cash 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. The City of Waverly has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes
the federal award activity of the City of Waverly, Iowa 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 Waverly, it is not
intended to and does not present the financial position, changes in net position, or cash flows of the City of Waverly.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the cash
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. The City of Waverly has not
elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
No awards were passed through to subrecipients
Title: COVID-19 Coronavirus State and Local Fiscal Recovery Funds
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes
the federal award activity of the City of Waverly, Iowa 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 Waverly, it is not
intended to and does not present the financial position, changes in net position, or cash flows of the City of Waverly.
De Minimis Rate Used: N
Rate Explanation: Expenditures reported on the Schedule are reported on the cash
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. The City of Waverly has not
elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The City of Waverly was awarded $346,094 that was received directly from the U.S. Department of Treasury and $300,000 that was passed through from the Iowa Department of Economic Development for a total of $646,094 from the COVID-19 Coronavirus State and Local Fiscal Recovery Funds.