Title: Basis of Accounting and Presentation
Accounting Policies: This summary of significant accounting policies of Town of Horizon City, Texas is presented to assist in understanding City of Socorro, Texas’ Schedule of Expenditures of Federal and State Awards (“the Schedule”). The Schedule and notes are representations of City of Socorro, Texas’ management, who is responsible for their integrity and objectivity.
Basis of Accounting and Presentation – The Schedule of Expenditures of Federal and State Awards is prepared using the accrual basis of accounting. The information in the Schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the
de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414.
Subrecipients – There were no sub-recipients of the Federal Awards received by the Town of Horizon City, Texas for the year ended September 30, 2024.
In-Kind Award Reporting – Expenditures of the federal awards received under the Highway Planning and Reconstruction Cluster are composed entirely of in-kind awards provided by the United
States Department of Transportation and the Texas Department of Transportation, the pass-through agency. Federal expenditures for this award are managed by the pass-through agency and are used in the
design, construction and supervision of improvements of major roads within the Town’s limits. Total federal awards expended by the pass-through agency from inception of the project through
September 30, 2024, amount to $2,229,776 and have been recognized as an in-kind federal award in the current fiscal year.
Total expenditures of state awards received under the Highway Planning and Reconstruction Cluster include an in-kind match of supervision and oversight costs provided by the Texas Department of
Transportation, the pass-through agency. Total in-kind award is valued at approximately $148,703 and has been recognized as an in-kind state grant award in the current fiscal year.
The Town is responsible for making matching payments to the pass-through agency for design, engineering, construction, purchase of land, utilities relocation and supervision at various phases of the
project. Total matching payments provided by the Town to the pass-through agency from inception of the project through September 30, 2024, amount to $1,255,165.
The Town’s policy is to recognize the federal funds used for this project as an in-kind award on the basis of historical cost, as reported by the pass-through agency to the Town.
Basis of Accounting and Presentation – The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The information in this schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414.
Subrecipients – There were no sub-recipients of the Federal Awards received by the Town of Horizon City, Texas for the year ended September 30, 2024.
In-Kind Award Reporting – Expenditures of the federal awards received under the Highway Planning and Reconstruction Cluster are composed entirely of in-kind awards provided by the United States Department of Transportation and the Texas Department of Transportation, the pass-through agency. Federal expenditures for this award are managed by the pass-through agency and are used in the design, construction and supervision of improvements of major roads within the Town’s limits.
Total federal awards expended by the pass-through agency from inception of the project through September 30, 2024, amount to $2,229,776 and has been recognized as an in-kind federal award in the current fiscal year.
Total expenditures of state awards received under the Highway Planning and Reconstruction Cluster include an in-kind match of supervision and oversight costs provided by the Texas Department of Transportation, the pass-through agency. Total in-kind award is valued at approximately $148,703 and has been recognized as an in-kind state grant award in the current fiscal year.
The Town is responsible for making matching payments to the pass-through agency for design, engineering, construction, purchase of land, utilities relocation and supervision at various phases of the project. Total matching payments provided by the Town to the pass-through agency from inception of the project through September 30, 2024, amount to $1,255,165.
The Town’s policy is to recognize the federal funds used for this project as an in-kind award on the basis of historical cost, as reported by the pass-through agency to the Town.
De Minimis Rate Used: Y
Rate Explanation: Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414.
The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The information in this schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements
Title: Indirect Costs
Accounting Policies: This summary of significant accounting policies of Town of Horizon City, Texas is presented to assist in understanding City of Socorro, Texas’ Schedule of Expenditures of Federal and State Awards (“the Schedule”). The Schedule and notes are representations of City of Socorro, Texas’ management, who is responsible for their integrity and objectivity.
Basis of Accounting and Presentation – The Schedule of Expenditures of Federal and State Awards is prepared using the accrual basis of accounting. The information in the Schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the
de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414.
Subrecipients – There were no sub-recipients of the Federal Awards received by the Town of Horizon City, Texas for the year ended September 30, 2024.
In-Kind Award Reporting – Expenditures of the federal awards received under the Highway Planning and Reconstruction Cluster are composed entirely of in-kind awards provided by the United
States Department of Transportation and the Texas Department of Transportation, the pass-through agency. Federal expenditures for this award are managed by the pass-through agency and are used in the
design, construction and supervision of improvements of major roads within the Town’s limits. Total federal awards expended by the pass-through agency from inception of the project through
September 30, 2024, amount to $2,229,776 and have been recognized as an in-kind federal award in the current fiscal year.
Total expenditures of state awards received under the Highway Planning and Reconstruction Cluster include an in-kind match of supervision and oversight costs provided by the Texas Department of
Transportation, the pass-through agency. Total in-kind award is valued at approximately $148,703 and has been recognized as an in-kind state grant award in the current fiscal year.
The Town is responsible for making matching payments to the pass-through agency for design, engineering, construction, purchase of land, utilities relocation and supervision at various phases of the
project. Total matching payments provided by the Town to the pass-through agency from inception of the project through September 30, 2024, amount to $1,255,165.
The Town’s policy is to recognize the federal funds used for this project as an in-kind award on the basis of historical cost, as reported by the pass-through agency to the Town.
Basis of Accounting and Presentation – The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The information in this schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414.
Subrecipients – There were no sub-recipients of the Federal Awards received by the Town of Horizon City, Texas for the year ended September 30, 2024.
In-Kind Award Reporting – Expenditures of the federal awards received under the Highway Planning and Reconstruction Cluster are composed entirely of in-kind awards provided by the United States Department of Transportation and the Texas Department of Transportation, the pass-through agency. Federal expenditures for this award are managed by the pass-through agency and are used in the design, construction and supervision of improvements of major roads within the Town’s limits.
Total federal awards expended by the pass-through agency from inception of the project through September 30, 2024, amount to $2,229,776 and has been recognized as an in-kind federal award in the current fiscal year.
Total expenditures of state awards received under the Highway Planning and Reconstruction Cluster include an in-kind match of supervision and oversight costs provided by the Texas Department of Transportation, the pass-through agency. Total in-kind award is valued at approximately $148,703 and has been recognized as an in-kind state grant award in the current fiscal year.
The Town is responsible for making matching payments to the pass-through agency for design, engineering, construction, purchase of land, utilities relocation and supervision at various phases of the project. Total matching payments provided by the Town to the pass-through agency from inception of the project through September 30, 2024, amount to $1,255,165.
The Town’s policy is to recognize the federal funds used for this project as an in-kind award on the basis of historical cost, as reported by the pass-through agency to the Town.
De Minimis Rate Used: Y
Rate Explanation: Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414.
Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414
Title: Sub-Recipients
Accounting Policies: This summary of significant accounting policies of Town of Horizon City, Texas is presented to assist in understanding City of Socorro, Texas’ Schedule of Expenditures of Federal and State Awards (“the Schedule”). The Schedule and notes are representations of City of Socorro, Texas’ management, who is responsible for their integrity and objectivity.
Basis of Accounting and Presentation – The Schedule of Expenditures of Federal and State Awards is prepared using the accrual basis of accounting. The information in the Schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the
de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414.
Subrecipients – There were no sub-recipients of the Federal Awards received by the Town of Horizon City, Texas for the year ended September 30, 2024.
In-Kind Award Reporting – Expenditures of the federal awards received under the Highway Planning and Reconstruction Cluster are composed entirely of in-kind awards provided by the United
States Department of Transportation and the Texas Department of Transportation, the pass-through agency. Federal expenditures for this award are managed by the pass-through agency and are used in the
design, construction and supervision of improvements of major roads within the Town’s limits. Total federal awards expended by the pass-through agency from inception of the project through
September 30, 2024, amount to $2,229,776 and have been recognized as an in-kind federal award in the current fiscal year.
Total expenditures of state awards received under the Highway Planning and Reconstruction Cluster include an in-kind match of supervision and oversight costs provided by the Texas Department of
Transportation, the pass-through agency. Total in-kind award is valued at approximately $148,703 and has been recognized as an in-kind state grant award in the current fiscal year.
The Town is responsible for making matching payments to the pass-through agency for design, engineering, construction, purchase of land, utilities relocation and supervision at various phases of the
project. Total matching payments provided by the Town to the pass-through agency from inception of the project through September 30, 2024, amount to $1,255,165.
The Town’s policy is to recognize the federal funds used for this project as an in-kind award on the basis of historical cost, as reported by the pass-through agency to the Town.
Basis of Accounting and Presentation – The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The information in this schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414.
Subrecipients – There were no sub-recipients of the Federal Awards received by the Town of Horizon City, Texas for the year ended September 30, 2024.
In-Kind Award Reporting – Expenditures of the federal awards received under the Highway Planning and Reconstruction Cluster are composed entirely of in-kind awards provided by the United States Department of Transportation and the Texas Department of Transportation, the pass-through agency. Federal expenditures for this award are managed by the pass-through agency and are used in the design, construction and supervision of improvements of major roads within the Town’s limits.
Total federal awards expended by the pass-through agency from inception of the project through September 30, 2024, amount to $2,229,776 and has been recognized as an in-kind federal award in the current fiscal year.
Total expenditures of state awards received under the Highway Planning and Reconstruction Cluster include an in-kind match of supervision and oversight costs provided by the Texas Department of Transportation, the pass-through agency. Total in-kind award is valued at approximately $148,703 and has been recognized as an in-kind state grant award in the current fiscal year.
The Town is responsible for making matching payments to the pass-through agency for design, engineering, construction, purchase of land, utilities relocation and supervision at various phases of the project. Total matching payments provided by the Town to the pass-through agency from inception of the project through September 30, 2024, amount to $1,255,165.
The Town’s policy is to recognize the federal funds used for this project as an in-kind award on the basis of historical cost, as reported by the pass-through agency to the Town.
De Minimis Rate Used: Y
Rate Explanation: Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414.
There were no sub-recipients of the Federal Awards received by the Town of Horizon City, Texas for the year ended September 30, 2024.
Title: In Kind Award Reporting
Accounting Policies: This summary of significant accounting policies of Town of Horizon City, Texas is presented to assist in understanding City of Socorro, Texas’ Schedule of Expenditures of Federal and State Awards (“the Schedule”). The Schedule and notes are representations of City of Socorro, Texas’ management, who is responsible for their integrity and objectivity.
Basis of Accounting and Presentation – The Schedule of Expenditures of Federal and State Awards is prepared using the accrual basis of accounting. The information in the Schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the
de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414.
Subrecipients – There were no sub-recipients of the Federal Awards received by the Town of Horizon City, Texas for the year ended September 30, 2024.
In-Kind Award Reporting – Expenditures of the federal awards received under the Highway Planning and Reconstruction Cluster are composed entirely of in-kind awards provided by the United
States Department of Transportation and the Texas Department of Transportation, the pass-through agency. Federal expenditures for this award are managed by the pass-through agency and are used in the
design, construction and supervision of improvements of major roads within the Town’s limits. Total federal awards expended by the pass-through agency from inception of the project through
September 30, 2024, amount to $2,229,776 and have been recognized as an in-kind federal award in the current fiscal year.
Total expenditures of state awards received under the Highway Planning and Reconstruction Cluster include an in-kind match of supervision and oversight costs provided by the Texas Department of
Transportation, the pass-through agency. Total in-kind award is valued at approximately $148,703 and has been recognized as an in-kind state grant award in the current fiscal year.
The Town is responsible for making matching payments to the pass-through agency for design, engineering, construction, purchase of land, utilities relocation and supervision at various phases of the
project. Total matching payments provided by the Town to the pass-through agency from inception of the project through September 30, 2024, amount to $1,255,165.
The Town’s policy is to recognize the federal funds used for this project as an in-kind award on the basis of historical cost, as reported by the pass-through agency to the Town.
Basis of Accounting and Presentation – The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting. The information in this schedule is presented in accordance with the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Indirect Costs – Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414.
Subrecipients – There were no sub-recipients of the Federal Awards received by the Town of Horizon City, Texas for the year ended September 30, 2024.
In-Kind Award Reporting – Expenditures of the federal awards received under the Highway Planning and Reconstruction Cluster are composed entirely of in-kind awards provided by the United States Department of Transportation and the Texas Department of Transportation, the pass-through agency. Federal expenditures for this award are managed by the pass-through agency and are used in the design, construction and supervision of improvements of major roads within the Town’s limits.
Total federal awards expended by the pass-through agency from inception of the project through September 30, 2024, amount to $2,229,776 and has been recognized as an in-kind federal award in the current fiscal year.
Total expenditures of state awards received under the Highway Planning and Reconstruction Cluster include an in-kind match of supervision and oversight costs provided by the Texas Department of Transportation, the pass-through agency. Total in-kind award is valued at approximately $148,703 and has been recognized as an in-kind state grant award in the current fiscal year.
The Town is responsible for making matching payments to the pass-through agency for design, engineering, construction, purchase of land, utilities relocation and supervision at various phases of the project. Total matching payments provided by the Town to the pass-through agency from inception of the project through September 30, 2024, amount to $1,255,165.
The Town’s policy is to recognize the federal funds used for this project as an in-kind award on the basis of historical cost, as reported by the pass-through agency to the Town.
De Minimis Rate Used: Y
Rate Explanation: Town of Horizon City, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the Town has elected to use the de minimis rate of 10% of modified total direct costs as an indirect cost allocation factor, as allowed under 2CFR §200.414.
Expenditures of the federal awards received under the Highway Planning and Reconstruction Cluster are composed entirely of in-kind awards provided by the United States Department of Transportation and the Texas Department of Transportation, the pass-through agency. Federal expenditures for this award are managed by the pass-through agency and are used in the design, construction and supervision of improvements of major roads within the Town’s limits.