Notes to SEFA
The reporting entity includes all City of Monticello funds, organizations, agencies, boards, commissions and authorities.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the City of Monticello 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). Programs listed in the Assistance Listing (AL) are so identified. In accordance with the Uniform Guidance, federal financial assistance is defined as assistance which non-federal entities receive or administer in the form of grants, cooperative agreements, non-cash contributions or donations of property (including donated surplus property), direct appropriations, food commodities, loans, loan guarantees, interest subsidies, insurance and other assistance, but does not include amounts received as reimbursement for services rendered to individuals. Because the Schedule presents only a selected portion of the operations of the City of Monticello, it is not intended to and does not present the cash basis financial position or the changes in cash basis financial position of the City of Monticello. Type A programs, as defined by Uniform Guidance, are those programs for the City of Monticello which exceeded $750,000 in federal awards expended during the year ended June 30, 2024.
Expenditures reported on the Schedule are presented on the cash basis of accounting. The cash basis of accounting does not give effect to accounts receivable, accounts payable and accrued items. Accordingly, the financial statements do not present financial position and results of operations of the funds in accordance with accounting principles generally accepted in the United States of America.
The City of Monticello has elected not to use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
Assistance received directly from the federal government is shown by the grantee receiving the funds. Assistance received from other entities is so noted.