Audit 343310

Accounting Policies: 1. PURPOSE OF THIS SCHEDULE The accompanying Schedule of Expenditures of Federal Awards (the Schedule) is a supplementary schedule to Park City Municipal Corporation’s (the City) basic financial statements and is presented for additional analysis. The Schedule is required by the audit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying Schedule includes the federal grant activity of the City for the year ended June 30, 2024. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance. Federal Financial Assistance Pursuant to the Single Audit Act of 1984; the Single Audit Act Amendments of 2004, and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, endowments, or direct appropriations. Federal financial assistance does not include direct federal cash assistance to individuals. Assistance Listing Number (ALN) - The Uniform Guidance requires the Schedule to show the total expenditures for each of the City's federal financial assistance programs by its ALN. The Schedule is a government-wide summary of individual federal programs. Each grant included in the Schedule is assigned a five-digit program identification number, which identifies the federal agency and its specific program. Type A and Type B Programs - The Single Audit Act of 1984 (as subsequently amended) and the Uniform Guidance establish the levels to be used in defining Type A and Type B federal programs. Type A programs for the City are those programs that exceeded $750,000 in the federal awards expended for the fiscal year ended June 30, 2024. All other programs are classified as Type B programs by the City. Reporting Entity and Basis of Accounting The City’s reporting entity is fully described in Note 1 of its basic financial statements. Federal financial assistance programs included in the Schedule are reported in the City's basic financial statements as intergovernmental revenue in the general and other governmental funds. Such expenditures are recognized following the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. 3. FEDERAL DE MINIMUS INDIRECT RATE The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. 4. FEDERAL INSURANCES AND NON-CASH ASSISTANCE The City did not receive any non-cash assistance. 5. LOAN AND LOAN GUARANTEE PROGRAMS No loan or loan guarantee programs were expended during, nor did any exist, as of the fiscal year ended June 30, 2024. De Minimis Rate Used: N Rate Explanation: Direct costs were used