Notes to SEFA
The Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the City of Emmetsburg and its discretely presented component unit, Emmetsburg Municipal Utilities (EMU), under programs of the federal government for the year ended June 30, 2025. The information on this Schedule is presented in accordance with the requirements of the Title 2, U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirement, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City of Emmetsburg and EMU, it is not intended to and does not present the financial position, changes in financial position or cash flows of the City of Emmetsburg and EMU. EMU is a discretely presented component unit at the City of Emmetsburg. EMU has a material component unit, Emmetsburg Community Development Corporation (ECDC). ECDC does not issue separate financial statements and has not been separately audited. The financial information of ECDC is not included in the City of Emmetsburg's basic financial statements, and, accordingly, any federal awards expended by ECDC, if any, are not included in the accompanying Schedule of Expenditures of Federal Awards.
Expenditures reported in 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-87, Cost Principles for State, Local and Indian Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The City of Emmetsburg has elected not to use the 10% deminimis indirect cost rate as allowed under the Uniform Guidance.
No awards were passed through to subrecipients.
The following interim loan balances were outstanding at June 30, 2025: Assistance Listing 10.760 Amount Outstanding $1,302,275 Program Water and Waste Disposal Systems for Rural Communities