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<br /> <br /> <br /> <br />City of Little Canada, Minnesota <br />Notes to the Schedule of Expenditures and Federal Awards <br />For the Year Ended December 31, 2023 <br />Note 1: Basis of Presentation <br /> <br />The accompanying schedule of expenditures of federal awards includes the federal grant activity of the City of Little <br />Canada, Minnesota under programs of the federal government for the year ended December 31, 2023). The City's <br />reporting entity is defined in Note 1A to the City's financial statements. The information in this schedule is presented in <br />accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative <br />Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule <br />presents only a selected portion of operations of the City, it is not intended to and does not present the financial position , <br />changes in net position or cash flows of the City. <br /> <br />Note 2: Summary of Significant Accounting Policies for Expenditures <br /> <br />Expenditures reported on this schedule are reported on the modified accrual basis of accounting. Such expenditures are <br />recognized following, as applicable, either the cost principles in OMB Circular A -122, Cost Principles for Non-Profit- <br />Organizations, or the 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, wherein certain types of <br />expenditures are not allowable or are limited as to reimbursement. <br /> <br />Note 3: Pass-through Entity Identifying Numbers <br /> <br />Pass-through entity identifying numbers are presented where available. <br /> <br />Note 4: Subrecipients <br /> <br />None of the federal expenditures presented in this schedule were provided to subrecipients. <br /> <br />Note 5: Indirect Cost Rate <br /> <br />During the year ended December 31, 2023 the City did not elect to use the 10 percent de minimis indirect cost rate. <br /> <br /> <br />11 <br />DRAFT