Notes to SEFA
The accompanyipg schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state grant activity of the City of Germantown, Tennessee (the City) under programs of the federal and state governments for the year-ended June 30, 2025. 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). 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.
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 contract numbers are presented where available. 3) There were no federal awards passed through to subrecipients. 4)The City has elected riot to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. 5)Non-monetary assistance is reported in the Schedule at the fair value of the commodities received and disbursed.
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 $17,580,321. Grant revenue recognized in proprietary fund Change in deferred revenue at the fund level Non-federal and non-state grants $17,580,321 $2,474,287. Grant revenue recognized in proprietary fund Change in deferred revenue at the fund level Non-federal and non-state grants (302,131) total 21,732,712