Title: Basis of Accounting and Presentation
Accounting Policies: This summary of significant accounting policies of City of Socorro, Texas is resented to assist in understanding City of Socorro, Texas' Schedule of Expenditures of Federal Awards. The Schedule and notes are representations of City of Socorro, Texas' management, who is responsible for their integrity and objectivity. 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. City of Socorro, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the City 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 City passes through certain funds to subgrantee organizations. Expenditures incurred by the subgrantees and reimbursed by the City are presented in the Schedule of Expenditures of Federal Awards. There were no funds passed through to subgrantees for the year ended September 30, 2024. However, during the year ended September 30, 2024 the City awarded a sub-award from its Coronavirus State and Local Fiscal Recovery Funds program to Project Vida, Inc., a non-profit agency for a total award amount of $100,000.
De Minimis Rate Used: Y
Rate Explanation: City of Socorro, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the City 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 City of Socorro, Texas is resented to assist in understanding City of Socorro, Texas' Schedule of Expenditures of Federal Awards. The Schedule and notes are representations of City of Socorro, Texas' management, who is responsible for their integrity and objectivity. 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. City of Socorro, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the City 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 City passes through certain funds to subgrantee organizations. Expenditures incurred by the subgrantees and reimbursed by the City are presented in the Schedule of Expenditures of Federal Awards. There were no funds passed through to subgrantees for the year ended September 30, 2024. However, during the year ended September 30, 2024 the City awarded a sub-award from its Coronavirus State and Local Fiscal Recovery Funds program to Project Vida, Inc., a non-profit agency for a total award amount of $100,000.
De Minimis Rate Used: Y
Rate Explanation: City of Socorro, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the City 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.
City of Socorro, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the City 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 City of Socorro, Texas is resented to assist in understanding City of Socorro, Texas' Schedule of Expenditures of Federal Awards. The Schedule and notes are representations of City of Socorro, Texas' management, who is responsible for their integrity and objectivity. 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. City of Socorro, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the City 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 City passes through certain funds to subgrantee organizations. Expenditures incurred by the subgrantees and reimbursed by the City are presented in the Schedule of Expenditures of Federal Awards. There were no funds passed through to subgrantees for the year ended September 30, 2024. However, during the year ended September 30, 2024 the City awarded a sub-award from its Coronavirus State and Local Fiscal Recovery Funds program to Project Vida, Inc., a non-profit agency for a total award amount of $100,000.
De Minimis Rate Used: Y
Rate Explanation: City of Socorro, Texas does not currently have a negotiated indirect cost reimbursement rate approved by a Federal Cognizant Agency; therefore, the City 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 City passes through certain funds to subgrantee organizations. Expenditures incurred by the subgrantees and reimbursed by the City are presented in the Schedule of Expenditures of Federal Awards. There were no funds passed through to subgrantees for the year ended September 30, 2024. However, during the year ended September 30, 2024 the City awarded a sub-award from its Coronavirus State and Local Fiscal Recovery Funds program to Project Vida, Inc., a non-profit agency for a total award amount of $100,000.