Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE AND OMB CIRCULAR A-87, COST PRINCIPLES FOR STATE, LOCAL AND INDIAN TRIBAL GOVERNMENTS, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: MUNICIPALITY OF CLARKSURG, WEST VIRGINIA HAS ELECTED NOT TO USE THE 10 PERCENT 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 MUNICIPALITY OF CLARKSBURG, WEST VIRGINIA UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE FISCAL YEAR ENDED JUNE 30, 2024. THE INFORMATION IN THE 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 MUNICIPALITY OF CLARKSBURG, WEST VIRGINIA, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET POSITION, OR CASH FLOWS OF MUNICIPALITY OF CLARKSBURG, WEST VIRGINIA.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE AND OMB CIRCULAR A-87, COST PRINCIPLES FOR STATE, LOCAL AND INDIAN TRIBAL GOVERNMENTS, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: MUNICIPALITY OF CLARKSURG, WEST VIRGINIA HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES AR RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE AND OMB CIRCULAR A-87, COST PRINCIPLES FOR STATE, LOCAL, AND INDIAN TRIBAL GOVERNMENTS, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
Title: NOTE C - INDIRECT COST RATE
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE AND OMB CIRCULAR A-87, COST PRINCIPLES FOR STATE, LOCAL AND INDIAN TRIBAL GOVERNMENTS, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: MUNICIPALITY OF CLARKSURG, WEST VIRGINIA HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
MUNICIPALITY OF CLARKSBURG, WEST VIRGINIA HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
Title: NOTE D - PASS-THROUGH TO SUBRECIPIENTS
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE AND OMB CIRCULAR A-87, COST PRINCIPLES FOR STATE, LOCAL AND INDIAN TRIBAL GOVERNMENTS, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: MUNICIPALITY OF CLARKSURG, WEST VIRGINIA HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THERE WERE NO AWARDS PASSED THROUGH TO SUBRECIPIENTS.
Title: NOTE E - ASSISTANCE LISTING (CATALOG OF EDERAL DOMESTIC ASSISTANCE (CFDA))
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE AND OMB CIRCULAR A-87, COST PRINCIPLES FOR STATE, LOCAL AND INDIAN TRIBAL GOVERNMENTS, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: MUNICIPALITY OF CLARKSURG, WEST VIRGINIA HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
ASSISTANCE LISTING (AL) HAS REPLACED THE CATALOG OF FEDERAL DOMESTIC ASSISTANCE (CFDA) FOR IDENTIFYING FEDERAL PROGRAMS
Title: NOTE F - LOAN BALANCES
Accounting Policies: EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN THE UNIFORM GUIDANCE AND OMB CIRCULAR A-87, COST PRINCIPLES FOR STATE, LOCAL AND INDIAN TRIBAL GOVERNMENTS, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT.
De Minimis Rate Used: N
Rate Explanation: MUNICIPALITY OF CLARKSURG, WEST VIRGINIA HAS ELECTED NOT TO USE THE 10 PERCENT DE MINIMIS INDIRECT COST RATE AS ALLOWED UNDER THE UNIFORM GUIDANCE.
THE UNITED STATES DEPARTMENT OF AGIRCULTURE - COMMUNITY FACILIITES LOANS AND GRANT PROGRAM - AL NUMBER 10.766 REPRESENTED A REFINANCING OF A BOND ANTICIPATION NOTE PURCHASED BY THE UNITED STATED DEPARTMENT OF AGRICULTURE ON MAY 24, 2019 IN THE AMOUNT OF $8,500,000. THE OUTSTANDING BALANCE OF THE BONDS AT JUNE 30, 2024 WAS $7,852,441. THE UNITED STATES DEPARTMENT OF AGRICULTURE - WATER AND WASTE DISPOSAL SYSTEMS FOR RURAL COMMUNITIEES - AL NUMBER 10.760 REPRESENTS A LOAN THROUGH THE WEST VIRGINIA DEPARTMENT OF ENVIRONMENTAL PROTECTION CLEAN WATER STATE REVOLVING LOAN PROGRAM. THE TOTAL LOAN BALANCE OUTSTANDING AT JUNE 30, 2024 WAS $6,694,520 OF WHICH $1,955,789 WAS CONSIDERED FEDERAL FUNDING.