Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: General The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the City of Mt. Vernon, Illinois. The Citys reporting entity is defined in Note 1 to the Citys financial statements. Federal awards passed through other government agencies are included on the schedule. Basis of Accounting The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting for all governmental funds and the accrual basis of accounting for all proprietary funds, which is described in Note 1 to the Citys financial statements. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general purpose financial statements. Relationship to General Purpose Financial Statements Federal awards received are reflected in the Citys financial statements within the governmental funds as grants, entitlements, and subsidies, within the proprietary funds as equity contribution from the federal government. Relationship to Program Financial Reports Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported in the Program Financial Reports for programs which have filed reports with the federal awarding agency.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were 816240.
Title: Noncash Federal Assistance
Accounting Policies: General The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the City of Mt. Vernon, Illinois. The Citys reporting entity is defined in Note 1 to the Citys financial statements. Federal awards passed through other government agencies are included on the schedule. Basis of Accounting The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting for all governmental funds and the accrual basis of accounting for all proprietary funds, which is described in Note 1 to the Citys financial statements. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general purpose financial statements. Relationship to General Purpose Financial Statements Federal awards received are reflected in the Citys financial statements within the governmental funds as grants, entitlements, and subsidies, within the proprietary funds as equity contribution from the federal government. Relationship to Program Financial Reports Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported in the Program Financial Reports for programs which have filed reports with the federal awarding agency.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City received no noncash assistance, such as rent, food commodities, or donated property (including donated surplus property) as of April 30, 2022.