Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION
A. Non-cash Federal Programs – Uniform Guidance
The City is the recipient of federal awards that do not result in cash receipts or disbursements, including the distribution of U.S. Department of Agriculture (USDA) Food Commodities (CFDA No. 10.555), which are valued based on a USDA price list obtained from the Tennessee Department of Health. Distributions under such programs are included in the accompanying Schedule of Expenditures of Federal and State Awards in the non-cash assistance section.
B. Federal Financial Assistance without CFDA Numbers
Federal Awards which have no assigned CFDA number have been included in the last section of the appropriate federal agency section.
C. Schedule of Expenditures of State Awards
In compliance with Tennessee state law, the accompanying Schedule of Expenditures of State Awards is included with this report. Such schedule presents all state funded financial awards, as defined by the State Comptroller’s Office, and is prepared and presented in a manner consistent with the Schedule of Expenditures of Federal Awards.
NOTE 2 - BASIS OF ACCOUNTING
The expenditures presented in the accompanying Schedule of Expenditures of Federal and State Awards were developed from agency records and federal and state financial reports which have been reconciled to the accounting records of the City Schools. Governmental funds are reported using a modified accrual basis of accounting. The City Schools’ records serve as the primary source of information in preparation of the City Schools’ basic financial statements.
NOTE 3 - MATCHING COST
The State of Tennessee’s portion of joint programs with the City is included in the accompanying Schedule of Expenditures of State Awards except in those cases where the state’s portion is combined with the federal portion and cannot be separately identified. In such cases, the state’s portion is included in the accompanying Schedule of Expenditures of Federal Awards. The City’s portion of such joint awards is not included
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10-percent de minimums indirect cost rate allowed under the Uniform Guidance.
A. Non-cash Federal Programs - Uniform Guidance The City is the recipient of federal awards that do not result in cash receipts or disbursements, including the distribution of U.S. Department of Agriculture (USDA) Food Commodities (CFDA No. 10.555), which are valued based on a USDA price list obtained from the Tennessee Department of Health. Distributions under such programs are included in the accompanying Schedule of Expenditures of Federal and State Awards in the non-cash assistance section.
Title: NOTE 2 - BASIS OF ACCOUNTING
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION
A. Non-cash Federal Programs – Uniform Guidance
The City is the recipient of federal awards that do not result in cash receipts or disbursements, including the distribution of U.S. Department of Agriculture (USDA) Food Commodities (CFDA No. 10.555), which are valued based on a USDA price list obtained from the Tennessee Department of Health. Distributions under such programs are included in the accompanying Schedule of Expenditures of Federal and State Awards in the non-cash assistance section.
B. Federal Financial Assistance without CFDA Numbers
Federal Awards which have no assigned CFDA number have been included in the last section of the appropriate federal agency section.
C. Schedule of Expenditures of State Awards
In compliance with Tennessee state law, the accompanying Schedule of Expenditures of State Awards is included with this report. Such schedule presents all state funded financial awards, as defined by the State Comptroller’s Office, and is prepared and presented in a manner consistent with the Schedule of Expenditures of Federal Awards.
NOTE 2 - BASIS OF ACCOUNTING
The expenditures presented in the accompanying Schedule of Expenditures of Federal and State Awards were developed from agency records and federal and state financial reports which have been reconciled to the accounting records of the City Schools. Governmental funds are reported using a modified accrual basis of accounting. The City Schools’ records serve as the primary source of information in preparation of the City Schools’ basic financial statements.
NOTE 3 - MATCHING COST
The State of Tennessee’s portion of joint programs with the City is included in the accompanying Schedule of Expenditures of State Awards except in those cases where the state’s portion is combined with the federal portion and cannot be separately identified. In such cases, the state’s portion is included in the accompanying Schedule of Expenditures of Federal Awards. The City’s portion of such joint awards is not included
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10-percent de minimums indirect cost rate allowed under the Uniform Guidance.
The expenditures presented in the accompanying Schedule of Expenditures of Federal and State Awards were developed from agency records and federal and state financial reports which have been reconciled to the accounting records of the City Schools. Governmental funds are reported using a modified accrual basis of accounting. The City Schools’ records serve as the primary source of information in preparation of the City Schools’ basic financial statements
Title: NOTE 3 - MATCHING COST
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION
A. Non-cash Federal Programs – Uniform Guidance
The City is the recipient of federal awards that do not result in cash receipts or disbursements, including the distribution of U.S. Department of Agriculture (USDA) Food Commodities (CFDA No. 10.555), which are valued based on a USDA price list obtained from the Tennessee Department of Health. Distributions under such programs are included in the accompanying Schedule of Expenditures of Federal and State Awards in the non-cash assistance section.
B. Federal Financial Assistance without CFDA Numbers
Federal Awards which have no assigned CFDA number have been included in the last section of the appropriate federal agency section.
C. Schedule of Expenditures of State Awards
In compliance with Tennessee state law, the accompanying Schedule of Expenditures of State Awards is included with this report. Such schedule presents all state funded financial awards, as defined by the State Comptroller’s Office, and is prepared and presented in a manner consistent with the Schedule of Expenditures of Federal Awards.
NOTE 2 - BASIS OF ACCOUNTING
The expenditures presented in the accompanying Schedule of Expenditures of Federal and State Awards were developed from agency records and federal and state financial reports which have been reconciled to the accounting records of the City Schools. Governmental funds are reported using a modified accrual basis of accounting. The City Schools’ records serve as the primary source of information in preparation of the City Schools’ basic financial statements.
NOTE 3 - MATCHING COST
The State of Tennessee’s portion of joint programs with the City is included in the accompanying Schedule of Expenditures of State Awards except in those cases where the state’s portion is combined with the federal portion and cannot be separately identified. In such cases, the state’s portion is included in the accompanying Schedule of Expenditures of Federal Awards. The City’s portion of such joint awards is not included
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10-percent de minimums indirect cost rate allowed under the Uniform Guidance.
The State of Tennessee’s portion of joint programs with the City is included in the accompanying Schedule of Expenditures of State Awards except in those cases where the state’s portion is combined with the federal portion and cannot be separately identified. In such cases, the state’s portion is included in the accompanying Schedule of Expenditures of Federal Awards. The City’s portion of such joint awards is not included.
Title: NOTE 4 - INDIRECT COSTS
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION
A. Non-cash Federal Programs – Uniform Guidance
The City is the recipient of federal awards that do not result in cash receipts or disbursements, including the distribution of U.S. Department of Agriculture (USDA) Food Commodities (CFDA No. 10.555), which are valued based on a USDA price list obtained from the Tennessee Department of Health. Distributions under such programs are included in the accompanying Schedule of Expenditures of Federal and State Awards in the non-cash assistance section.
B. Federal Financial Assistance without CFDA Numbers
Federal Awards which have no assigned CFDA number have been included in the last section of the appropriate federal agency section.
C. Schedule of Expenditures of State Awards
In compliance with Tennessee state law, the accompanying Schedule of Expenditures of State Awards is included with this report. Such schedule presents all state funded financial awards, as defined by the State Comptroller’s Office, and is prepared and presented in a manner consistent with the Schedule of Expenditures of Federal Awards.
NOTE 2 - BASIS OF ACCOUNTING
The expenditures presented in the accompanying Schedule of Expenditures of Federal and State Awards were developed from agency records and federal and state financial reports which have been reconciled to the accounting records of the City Schools. Governmental funds are reported using a modified accrual basis of accounting. The City Schools’ records serve as the primary source of information in preparation of the City Schools’ basic financial statements.
NOTE 3 - MATCHING COST
The State of Tennessee’s portion of joint programs with the City is included in the accompanying Schedule of Expenditures of State Awards except in those cases where the state’s portion is combined with the federal portion and cannot be separately identified. In such cases, the state’s portion is included in the accompanying Schedule of Expenditures of Federal Awards. The City’s portion of such joint awards is not included
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10-percent de minimums indirect cost rate allowed under the Uniform Guidance.
Along with all other central service costs allowable under the Uniform Guidance is the amount which may be “allocated” among all programs of the City in a consistent manner, the cost for the audit of the City’s financial statements and single audits are included in the City’s Cost Allocation Plan. Many of the City's federal and state funded programs allow indirect costs to be charged and include them as a line item in the grant budget. However, if the grant budget does not specifically provide for indirect costs to be charged, none of the indirect costs are reported as costs to the grantor nor are the costs included or presented in the Schedule of Expenditures of Federal and State Awards. The City has not elected to use the 10-percent de-minimums indirect cost rate allowed under the Uniform Guidance.