Title: GENERAL
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activities of the City of Bevil Oaks, Texas on the accrual basis of accounting. The information in this schedule is presented in accordance with requirements of Title 2 U. S. Code of 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 City of Bevil Oaks, Texas, it is not intended to and does not present the financial position, changes in net position or cash flows of the City of Bevil Oaks, Texas. statements. The City of Bevil Oaks, Texas account for federal funding using the modified accrual method of accounting. This basis of accounting recognizes revenues in the accounting period in which they become susceptible to accrual, i.e. both measurable and available, and expenditures in the accounting period in which the liability is incurred, if measurable, except for certain compensated absences, claims and judgments, which are recognized when the obligations are expected to be liquidated with expendable available financial resources. Equipment purchases for grant purposes are treated as expenses in the schedule of expenditures of federal awards and typically capitalized for financial statement purposes.Federal grant funds are considered to be earned to the extent of expenses made under the provisions ofthe grant, and, accordingly, when such funds are received, they are recorded as unearned revenues untilearned. Generally, unused balances are returned to the grantor at the close of specified project periods.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Financial Awards presents the activity of all Federal financial assistance programs of the City of Bevil Oaks, Texas. All federal awards received directly from Federal agencies and Federal awards passed through State agencies are included on the schedule.
Title: SUBRECIPIENTS
Accounting Policies: The schedule of expenditures of federal awards includes the federal grant activities of the City of Bevil Oaks, Texas on the accrual basis of accounting. The information in this schedule is presented in accordance with requirements of Title 2 U. S. Code of 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 City of Bevil Oaks, Texas, it is not intended to and does not present the financial position, changes in net position or cash flows of the City of Bevil Oaks, Texas. statements. The City of Bevil Oaks, Texas account for federal funding using the modified accrual method of accounting. This basis of accounting recognizes revenues in the accounting period in which they become susceptible to accrual, i.e. both measurable and available, and expenditures in the accounting period in which the liability is incurred, if measurable, except for certain compensated absences, claims and judgments, which are recognized when the obligations are expected to be liquidated with expendable available financial resources. Equipment purchases for grant purposes are treated as expenses in the schedule of expenditures of federal awards and typically capitalized for financial statement purposes.Federal grant funds are considered to be earned to the extent of expenses made under the provisions ofthe grant, and, accordingly, when such funds are received, they are recorded as unearned revenues untilearned. Generally, unused balances are returned to the grantor at the close of specified project periods.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City of Bevil Oaks, Texas does not have any subrecipients.