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2 <br />City of Elk River <br />Notes to Schedule of Expenditures of Federal Awards <br />NOTE 1 – BASIS OF PRESENTATION <br />The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal <br />award activity of the City under programs of the federal government for the year-ended <br />December 31, 2024. The information in this Schedule is presented in accordance with the <br />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). <br />Because the Schedule presents only a selected portion of the operations of the City, it is not <br />intended to and does not present the financial position, changes in net position, or cash flows of the <br />City. <br />NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. <br />Such expenditures are recognized following the cost principles contained in the Uniform Guidance, <br />wherein certain types of expenditures are not allowable or are limited as to reimbursement. <br />NOTE 3 – PASS-THROUGH GRANT NUMBERS <br />All pass-through entities listed above use the same Assistance Listing numbers as the federal grantors <br />to identify these grants and have not assigned any additional identifying numbers. <br />NOTE 4 – INDIRECT COST RATE <br />The City did not elect to use the 10 percent de minimis indirect cost rate, as allowed under the <br />Uniform Guidance. <br />Page 406 of 637