Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: 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. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Edinburg, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Edinburg, Virginia 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Town of Edinburg, Virginia, it is not intended to and does not present the financial position, change in net position, or cash flows of the Town of Edinburg, Virginia.
Title: NOTE C - SUBRECIPIENTS
Accounting Policies: 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. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Edinburg, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No awards were passed through to subrecipients.
Title: NOTE D - LOANS
Accounting Policies: 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. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Edinburg, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
At June 30, 2024, the Town had outstanding water and waste disposal systems loans of $2,490,186 and $480,660 from Rural Development.
Title: NOTE E - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: 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. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Edinburg, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal expenditures, revenues, and debt issuances are reported in the Town's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements: Primary government: Governmental funds:
General fund $ 12,000
Enterprise funds:
Water and Sewer fund 860,264
Water and waste disposal systems for rural communities current year debt
issuance reported as long-term debt in the Water and Sewer fund 238,731
Total primary government $ 1,110,995
Total federal expenditures per the Schedule of Expenditures of Federal Awards $ 1,110,995