Title: Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal spending of The Utilities Board of the City of Oneonta, and is presented on the accrual basis of accounting. The amounts reported on the Schedule have been reconciled to and are in material agreement with amounts recorded in the Organization’s accounting records from which the general purpose financial statements have been reported. The information in this 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 the Organization, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 20, 2024, the Organization did not elect to use this rate.
The Organization did not expend federal awards related to loans or loan guarantees during the year ended September 30, 2024.
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal spending of The Utilities Board of the City of Oneonta, and is presented on the accrual basis of accounting. The amounts reported on the Schedule have been reconciled to and are in material agreement with amounts recorded in the Organization’s accounting records from which the general purpose financial statements have been reported. The information in this 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 the Organization, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 20, 2024, the Organization did not elect to use this rate.
During the year ended September 30, 2024, the Organization did not provide federal funds to subrecipients.
Title: Noncash Assistance and Other
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal spending of The Utilities Board of the City of Oneonta, and is presented on the accrual basis of accounting. The amounts reported on the Schedule have been reconciled to and are in material agreement with amounts recorded in the Organization’s accounting records from which the general purpose financial statements have been reported. The information in this 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 the Organization, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 20, 2024, the Organization did not elect to use this rate.
The Organization did not receive any noncash assistance or federally funded insurance during the year ended September 30, 2024.
Title: Contingencies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal spending of The Utilities Board of the City of Oneonta, and is presented on the accrual basis of accounting. The amounts reported on the Schedule have been reconciled to and are in material agreement with amounts recorded in the Organization’s accounting records from which the general purpose financial statements have been reported. The information in this 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 the Organization, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 20, 2024, the Organization did not elect to use this rate.
Grant monies received and disbursed by the Organization are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, the Organization does not believe that such disallowance, if any, would have a material effect on the financial position of the Organization.
Title: Federally Funded Insurance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal spending of The Utilities Board of the City of Oneonta, and is presented on the accrual basis of accounting. The amounts reported on the Schedule have been reconciled to and are in material agreement with amounts recorded in the Organization’s accounting records from which the general purpose financial statements have been reported. The information in this 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 the Organization, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Organization.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 20, 2024, the Organization did not elect to use this rate.
The Organization did not have any federally funded insurance required to be reported on the Schedule for the fiscal year ended September 30, 2024.