Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activityof the City of Lanesboro, Minnesota under programs of the federal government for the year ended December 31,2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations ofthe City of Lanesboro, Minnesota, it is not intended to and does not present the statement of balances arising fromcash transactions, changes in net cash position, or cash flows of the City of Lanesboro, Minnesota.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The City of Lanesboro, Minnesota has not charged indirect costs to any of the federal programs. Therefore, theelection of the 10 percent de minimis indirect cost rate is not applicable as allowed under the Uniform Guidance.
CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were 3495834. CAPITALIZATION GRANTS FOR DRINKING WATER STATE REVOLVING FUNDS (66.468) - Balances outstanding at the end of the audit period were 94740.
Title: Summary of Significant Accounting Principles
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activityof the City of Lanesboro, Minnesota under programs of the federal government for the year ended December 31,2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations ofthe City of Lanesboro, Minnesota, it is not intended to and does not present the statement of balances arising fromcash transactions, changes in net cash position, or cash flows of the City of Lanesboro, Minnesota.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The City of Lanesboro, Minnesota has not charged indirect costs to any of the federal programs. Therefore, theelection of the 10 percent de minimis indirect cost rate is not applicable as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditures arenot allowable or are limited as to reimbursement.
Title: Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activityof the City of Lanesboro, Minnesota under programs of the federal government for the year ended December 31,2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations ofthe City of Lanesboro, Minnesota, it is not intended to and does not present the statement of balances arising fromcash transactions, changes in net cash position, or cash flows of the City of Lanesboro, Minnesota.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The City of Lanesboro, Minnesota has not charged indirect costs to any of the federal programs. Therefore, theelection of the 10 percent de minimis indirect cost rate is not applicable as allowed under the Uniform Guidance.
The City did not have subrecipients for the year ended December 31, 2022.