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CITY OF LITTLE CANADA <br />NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS <br />DECEMBER 31, 2020 <br /> <br /> <br /> <br />(7) <br /> <br />NOTE 1 BASIS OF PRESENTATION <br />The accompanying schedule of expenditures of federal awards (the Schedule) includes the <br />federal award activity of the City of Little Canada (the City) under programs of the federal <br />government for the year ended December 31, 2020. The information in this Schedule is <br />presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative <br />Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform <br />Guidance). Because the Schedule presents only a selected portion of the operations of the <br />City, it is not intended to and does not present the financial position, changes in net position, <br />or cash flows of the City. <br /> <br /> <br />NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />Expenditures reported on the Schedule are reported on the modified accrual basis of <br />accounting. Such expenditures are recognized following, as applicable, either the cost <br />principles in OMB Circular A-87, Cost Principles for State and Local Governments, or the <br />cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform <br />Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, <br />wherein certain types of expenditures are not allowable or are limited as to reimbursement. <br />The City did not elect to use the 10-percent de minimis indirect cost rate as allowed under <br />the Uniform Guidance. <br />