Title: #1 BASIS OF PRESENTATION
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award
Title: #1 BASIS OF PRESENTATION
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
activity of the City of Ludington under programs of the federal government for the year ended December
Title: #1 BASIS OF PRESENTATION
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
31, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S.
Title: #1 BASIS OF PRESENTATION
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Title: #1 BASIS OF PRESENTATION
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected
Title: #1 BASIS OF PRESENTATION
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
portion of the operations of the City of Ludington, it is not intended to and does not present the financial
Title: #1 BASIS OF PRESENTATION
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
position, changes in net position, or cash flows of the City of Ludington.
Title: #2 SUMMARY OF SIGNIFCANT ACCTG POLICIES
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
Title: #2 SUMMARY OF SIGNIFCANT ACCTG POLICIES
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
Title: #2 SUMMARY OF SIGNIFCANT ACCTG POLICIES
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Title: #2 SUMMARY OF SIGNIFCANT ACCTG POLICIES
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
Title: #2 SUMMARY OF SIGNIFCANT ACCTG POLICIES
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
Title: #2 SUMMARY OF SIGNIFCANT ACCTG POLICIES
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
USDA loan balances for community facilities loans with continuing compliance requirements.
Title: #3 LOANS OUTSTANDING
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
SEE NOTES TO SEFA FOR CHART/TABLE.
Title: #4 RECONCILIATION OF SEFA TO FIN. STATEMENTS
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
SEE NOTES TO SEFA FOR CHART/TABLE.
Title: #5 DEMINIMIS INDIRECT COST RATE
Accounting Policies: SEE NOTE # 2 OF SEFA. 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, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. The current year expenditures, in accordance with Uniform Guidance, includes
USDA loan balances for community facilities loans with continuing compliance requirements.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DE MINIMIS COST RATE
The City did not elect to use the 10% de minimis indirect cost rate.