Audit 361322

Title: Note 4: Federal Loan Programs Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the City of Noblesville, Indiana (City) under programs of the federal government for the year ended December 31, 2024. The accompanying notes are an integral part of this Schedule. 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 City, it is not intended to and does not present the financial position, changes in net position or cash flows of the City Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-102, “Grant Awards and Cooperative Agreements with State and Local Governments”, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The City of Noblesville had no federal loans that they were administering as of December 31, 2024.