Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity of the City of Flippin, Arkansas (the City) under programs of the Federal government for the year ended December 31, 2024. The information in the 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 the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows, where applicable of the City.
The City does not charge indirect cost rates and charges 100% of their costs directly.
The City was approved by the United States Department of Agriculture to receive loans totaling $775,000 on a reimbursement basis. The balance at the end of the year ended December 31, 2024 was $759,587.
Of the Federal expenditures presented in this schedule, the District did not provide any Federal awards to subrecipients.