Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal
and state grant activity of the City of Lakeland, Tennessee (the “City”) under programs of the federal government for
the year ended June 30, 2024. 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, Costs Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may
differ from amounts presented in or used in the presentation of the financial statements. 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 assets, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal
and state grant activity of the City of Lakeland, Tennessee (the “City”) under programs of the federal government for
the year ended June 30, 2024. 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, Costs Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may
differ from amounts presented in or used in the presentation of the financial statements. 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 assets, or cash flows of the City.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal
and state grant activity of the City of Lakeland, Tennessee (the “City”) under programs of the federal government for
the year ended June 30, 2024. 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, Costs Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may
differ from amounts presented in or used in the presentation of the financial statements. 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 assets, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
1) 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.
2) Pass-through entity identifying numbers are presented where available.
3) There were no federal awards passed through to subrecipients.
4) The City has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
5) Non-monetary assistance is reported in the schedule at the fair market value of the commodities received and
disbursed. For the year ended June 30, 2024, the City received food commodities totaling $30,415.
6) The loan balance for the Community Facilities Loans and Grants totaled $57,910,754.
7) The grant revenue amounts received and expensed (eligible for reimbursement) are subject to audit adjustment.
If any expenses are disallowed by the grantor as a result of such audit and claim for reimbursement to the grantor
would become a liability of the City. In the opinion of management, all grant expenses (eligible for reimbursement)
are in compliance with the terms of the grant agreement and applicable federal and state laws and regulations.
Title: NOTE 3 – RECONCILIATION OF THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE
FINANCIAL ASSISTANCE TO THE FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal
and state grant activity of the City of Lakeland, Tennessee (the “City”) under programs of the federal government for
the year ended June 30, 2024. 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, Costs Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may
differ from amounts presented in or used in the presentation of the financial statements. 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 assets, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the de minimis indirect cost rate as allowed under the Uniform Guidance.
The following is a reconciliation of expenditures per the schedule of expenditures of federal awards and state financial
assistance to the revenue balances in the City’s financial statements.
Total grant revenue per governmental funds financial statements $ 2,072,800
Add: grant revenue recognized in proprietary funds 61,372
Add: Increase in unavailable revenue at the fund level 696,986
Add: Loan program expenditures 58,847,259
Add: Proprietary fund loan 5,042,702
Add: Other grants 479
Total federal awards and state financial assistance $ 6 6,721,598