Title: Basis of Presentation
Accounting Policies: 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 – Uniform Guidance requires the Schedule to show the total expenditures for each of the City's federal financial assistance programs as identified in the Assistance Living Number (ALN). The ALN is a government-wide summary of individual federal programs. Each program included in the ALN is assigned a five-digit program identification number (ALN) which is reflected in the Schedule. Federal financial assistance programs and contracts which have not been assigned a ALN have been identified as “None” in the ALN Column of the Schedule. Type A and Type B Programs - The Single Audit Act of 1984 (as 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 by the City. The City reporting entity is fully described in Footnote 1 of the City's basic financial statements. The Schedule includes all federal financial assistance programs administered by the City for the year ended June 30, 2024. Expenditures reported in the Schedule are reported on the same basis of accounting used for each fund as described in Footnote 1 of the City's basic financial statements. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of City of Taylorsville (the City) under programs of the federal government for the year ended June 30, 2024. The information is presented in accordance with the 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). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position or fund balance, or cash flows of the City.
Title: Loan Programs
Accounting Policies: 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 – Uniform Guidance requires the Schedule to show the total expenditures for each of the City's federal financial assistance programs as identified in the Assistance Living Number (ALN). The ALN is a government-wide summary of individual federal programs. Each program included in the ALN is assigned a five-digit program identification number (ALN) which is reflected in the Schedule. Federal financial assistance programs and contracts which have not been assigned a ALN have been identified as “None” in the ALN Column of the Schedule. Type A and Type B Programs - The Single Audit Act of 1984 (as 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 by the City. The City reporting entity is fully described in Footnote 1 of the City's basic financial statements. The Schedule includes all federal financial assistance programs administered by the City for the year ended June 30, 2024. Expenditures reported in the Schedule are reported on the same basis of accounting used for each fund as described in Footnote 1 of the City's basic financial statements. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis cost rate.
Loans outstanding at June 30, 2024, in federal programs, include the following: HOME Investment Partnership Program: Housing Rehabilitation Laons $39,100; no new loans were issued during the year ended June 30, 2024.