Audit 34515

Accounting Policies: 1. Basis of PresentationThe accompanying schedule of expenditures of federal awards includes the federal awardactivity of City of Columbia, Kentucky under programs of the federal government for the yearended June 30, 2022. The information in this schedule is presented in accordance with therequirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of theCooperative it is not intended to and does not present thefinancial position, results of operations or cash flows of City of Columbia, Kentucky.2. Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the UniformGuidance, where in certain types of expenditures are not allowable or are limited as toreimbursement.3. Indirect Cost RateCity of Columbia, Kentucky has elected not to use the 10% de minimis cost rate as allowedunder the Uniform Guidance.4. SubrecipientsCity of Columbia, Kentucky had no subrecipients for the year ended June 30, 2022. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.