Title: Purpose of the Schedule
Accounting Policies: See significant accounting policies on next form
De Minimis Rate Used: N
Rate Explanation: The entity did not choose to use the 10% minimus cost rate
The accompanying Schedule of Expenditures of Federal Awards is a supplementary schedule to the City’s financial statements and is presented for the purpose of additional analysis. Because the schedule presents only a selected portion of the activities of the City, it is not intended to, and does not present financial position, changes in fund balances, or the current funds, revenue, expenditure, and other changes of the City.
Title: Significant Accounting Policies: Basis of Presentation
Accounting Policies: See significant accounting policies on next form
De Minimis Rate Used: N
Rate Explanation: The entity did not choose to use the 10% minimus cost rate
The information in the schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost of Principles, and Audit Requirement for Federal Awards.
Title: Significant Accounting Policies: Federal Awards
Accounting Policies: See significant accounting policies on next form
De Minimis Rate Used: N
Rate Explanation: The entity did not choose to use the 10% minimus cost rate
Pursuant to Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards assistance is defined by a federal agency, either directly or indirectly in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriation. Accordingly, non-monetary federal assistance, including federal surplus property, would be included in federal wards, if applicable, and therefore, would be reported on the schedule in federal awards. Federal awards include direct federal cash assistance to individuals.
Title: Significant Accounting Policies: Type A and Type B Programs
Accounting Policies: See significant accounting policies on next form
De Minimis Rate Used: N
Rate Explanation: The entity did not choose to use the 10% minimus cost rate
The Single Audit Act Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements Cost Principles, and Audit Requirements for Federal Awards establish the levels of expenditure or expenses to be used in defining Type A and Type B federal award programs. Type A programs, for the City, are those programs which exceed $750,000 in federal expenditures, distributions, or issuances for the fiscal year ended June 30, 2023.
Title: Significant Accounting Policies: Reporting entity
Accounting Policies: See significant accounting policies on next form
De Minimis Rate Used: N
Rate Explanation: The entity did not choose to use the 10% minimus cost rate
The reporting entity is fully described in Note 1 of the City financial statements. The schedule includes all federal award programs administered by the City for the year ended June 30, 2023.
Title: Significant Accounting Policies: Basis of Accounting
Accounting Policies: See significant accounting policies on next form
De Minimis Rate Used: N
Rate Explanation: The entity did not choose to use the 10% minimus cost rate
The expenditures in the schedule are recognized as incurred based on the modified accrual basis of accounting and the cost accounting principles contained in the Uniform Guidance, Cost Principles for State and Local Governments. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Significant Accounting Policies: Matching costs
Accounting Policies: See significant accounting policies on next form
De Minimis Rate Used: N
Rate Explanation: The entity did not choose to use the 10% minimus cost rate
The schedule does not include matching expenditures
Title: 10% Deminimus Indirect Cost Rate
Accounting Policies: See significant accounting policies on next form
De Minimis Rate Used: N
Rate Explanation: The entity did not choose to use the 10% minimus cost rate
The entity did not choose to use the 10% de minimus cost rate.
Title: Direct and Indirect Flow-through federal assistance
Accounting Policies: See significant accounting policies on next form
De Minimis Rate Used: N
Rate Explanation: The entity did not choose to use the 10% minimus cost rate
Some of the City's Federal awards are received directly from the granting federal agency, However, the majority of federal awards as identified in the schedule are passed through a separate entity prior to receipt by the City
Title: Sub-recipeints
Accounting Policies: See significant accounting policies on next form
De Minimis Rate Used: N
Rate Explanation: The entity did not choose to use the 10% minimus cost rate
The City does not pass through to any sub-recipients
Title: Non-cash assistance
Accounting Policies: See significant accounting policies on next form
De Minimis Rate Used: N
Rate Explanation: The entity did not choose to use the 10% minimus cost rate
The City did not receive any non-cash assistance for the year-ended June 30, 2023