Audit 52492

Accounting Policies: NOTE A - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of City of Franklin under programs of the federal government for the year ended September 30, 2022. 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). Because the Schedule presents only a selected portion of the operations of the City of Franklin, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City of Franklin. NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. NOTE CINDIRECT COST RATE The City of Franklin has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. NOTE D - SUBRECIPIENTS The City did not pass through any grant funds to sub recipients. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate.