Notes to SEFA
Title: Note A- Basis of Presentation
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Actual related costs
The accompanying Schedule of Expenditures of Federal Awards included the federal grant activity of the City of Henderson, Kentucky under programs of the federal government for the year ended June 30, 2023. This information in this Schedule is rpesented in accordance with the requirements of Title 2 US Cod of Federal Regulations Part 200, Uniform Administrative Rquirement, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents onlya selected portion of the operations of the City of Henderson, Kentucky, it is not intended to be and does not present the financial position, changes in net position, or cash flows of the City of Henderson, Kentucky
Title: Note B- Summary of Significant Accounting Policies
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Actual related costs
Expenditures reported on the Schedule are reported on the modified 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.
Title: Note C- Indirect Cost Rate
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Actual related costs
The City of Henderson, Kentucky has elected not to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.