Audit 39920

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures arerecognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200,Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, whereincertain types of expenditures may or may not be allowable or may be limited as to reimbursement. The Cityhas elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awardactivity of City of Twinsburg (the City) under programs of the federal government for the year endedDecember 31, 2022. The information on this Schedule is prepared in accordance with the requirements ofTitle 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 aselected portion of the operations of the City, it is not intended to and does not present the financial positionor changes in net position of the City.