Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of City of Lake Lillian under programs of the federal government for the year ended December 31, 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 operations of the City of Lake Lillian it is not intended to and does not present the financial position, change in net position, or cash flows of the City of Lake Lillian.
De Minimis Rate Used: N
Rate Explanation: The City of Lake Lillian has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of City of Lake Lillian under programs of the federal government for the year ended December 31, 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 operations of the City of Lake Lillian it is not intended to and does not present the financial position, change in net position, or cash flows of the City of Lake Lillian.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of City of Lake Lillian under programs of the federal government for the year ended December 31, 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 operations of the City of Lake Lillian it is not intended to and does not present the financial position, change in net position, or cash flows of the City of Lake Lillian.
De Minimis Rate Used: N
Rate Explanation: The City of Lake Lillian has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the regulatory basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to requirement. The City of Lake Lillian has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note C - Loans and Loan Guarantees Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of City of Lake Lillian under programs of the federal government for the year ended December 31, 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 operations of the City of Lake Lillian it is not intended to and does not present the financial position, change in net position, or cash flows of the City of Lake Lillian.
De Minimis Rate Used: N
Rate Explanation: The City of Lake Lillian has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The City of Lake Lillian had been approved by the US Department of Agriculture to receive loans in the amount of $2,838,000. The amount listed for the loans includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at December 31, 2024 is $2,741,194.