Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the Town of Collierville, Tennessee (the Town) 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented or used in the presentation of the financial statements. Because the schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of the Town.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the Town of Collierville, Tennessee (the Town) 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented or used in the presentation of the financial statements. Because the schedule presents only a selected portion of the
operations of the Town, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Town.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the Town of Collierville, Tennessee (the Town) 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented or used in the presentation of the financial statements. Because the schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of the Town.
De Minimis Rate Used: N
Rate Explanation: N/A
1) 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. 2) Pass-through entity identifying numbers are presented where available.
3) There were no federal awards passed through to subrecipients. 4) The Town has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance. 5) The grant revenue amounts received and expensed (eligible for reimbursement) are subject to audit
adjustment. If any expenses are disallowed by the grantor as a result of such audit any claim for reimbursement to the grantor would become a liability of the Town. In the opinion of management, all grant expenses (eligible for reimbursement) are in compliance with the terms of the grant agreement and applicable federal and state laws and regulations.
Title: NOTE C – RECONCILIATION OF THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE TO THE FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the Town of Collierville, Tennessee (the Town) 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, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented or used in the presentation of the financial statements. Because the schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net
assets, or cash flows of the Town.
De Minimis Rate Used: N
Rate Explanation: N/A
The following is a reconciliation of expenditures per the schedule of expenditures of federal awards and state financial assistance to the revenue balances in the Town’s financial statements. Total grant revenue per governmental funds financial statements $ 21,023,936 Collierville Schools grant revenue ( 16,340,249) Add: Change in unavailable revenue 215,791 Less: Non-federal and non-state grants and awards (138,210) Total federal awards and state financial assistance $ 4,761,268