Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Mount Jackson, Virginia under programs of the federal government for the year ended June 30, 2023. 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 Town of Mount Jackson, Virginia, it is not intended to and does not present the financial position, change in net position, or cash flows of the Town of Mount Jackson, Virginia.
Title: NOTE C - SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No awards were passed through to subrecipients.
Title: NOTE D - LOANS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Town did not have any loans or loan guarantees which are subject to reporting requirements in the current year.
Title: NOTE E - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal expenditures, revenues, and capital contributions are reported in the Town's basic financial statements as follows:
Title: NOTE E - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Intergovernmental federal revenues per the basic financial statements:
Title: NOTE E - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Primary government:
Title: NOTE E - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Governmental funds:
Title: NOTE E - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
General fund $533,571
Title: NOTE E - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
General capital projects fund 484,424
Title: NOTE E - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Enterprise funds:
Title: NOTE E - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Water and sewer fund 217,835
Title: NOTE E - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Total primary government $1,235,830
Title: NOTE E - RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Town of Mount Jackson, Virginia has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Total federal expenditures per the Schedule of Expenditures of Federal Awards $1,235,830